Bank Julius Bär
The introduction of integrio allows Bank Julius Baer to automate the administration and control of contract management. The processes of updating master data and conditions relating to inducement management is also being largely automated. Fund providers deliver master data and conditions on a regular basis to the provider management department at Bank Julius Baer using structured templates that are delivered electronically and automatically processed. The updated master data and conditions are imported into integrio, and subjected to plausibility tests prior to being automatically imported into the fees management platform calculo.
The origins of Bank Julius Baer (BJB) date back to 1890. Now, for more than 125 years, the renowned Swiss private banking group has been dedicated to serving and advising sophisticated private clients and family offices from around the world. Today, Julius Baer is the leading Swiss private banking group, with Bank Julius Baer & Co. Ltd. being its principal operating company.
Interview with Tobias Weidmann, Head of Inducement Management, about the introduction of integrio for Provider Management.
The tasks of provider management and the associated contract management and inducement management are undertaken by different organizational units within BJB. Information about contract changes, or alterations of conditions etc. were communicated using a variety of formats (Word, Excel, PDF or Mail) meaning that within the organization, manual processes were required to enter and update provider information.
Firstly, the inclusion of providers in the process of collecting and transmitting contract and condition data. Secondly, the automation of plausibility, administration and monitoring of contracts and terms and conditions. Thirdly, the implementation of clear responsibilities and interfaces for the administration and maintenance of the conditions and provider contracts. Fourthly, to put in place a single step process for the collection, verification and administration of the conditions and master data with automatic transmission of the audited data updates to the Inducement Management department.
Integrio, Sowatec’s rule-based data governance solution was implemented as a centralized process and workflow solution for controlled verification, plausibility testing and transmission of the conditions and master data as well as for the monitoring and logging of data transmission.
Read an excerpt from the interview with Tobias Weidmann, Bank Julius Bär.
How did you proceed with the design and implementation of the project?
First, we have developed the new processes and responsibilities. Based on this, we then specified the requirements. We then ensured the feasibility of these specifications; for example, ensuring the participation of the providers or the ability to control the import of the conditions and master data into the trailer-fee tool. After that, the usual project management process was applied.
What benefit is expected? Where do you see the advantages / What has been achieved?The implementation and go live of the project was structured in several iterations. What were the key factors for this implementation approach?
The greatest benefit is the saving of human resources, thanks to the automation and huge simplification of the control process, which results in fewer errors. Add to this, the much faster representation of the contracts in the systems, which again leads to better quality data with less volatility.
How was the collaboration between the BJB and Sowatec?
Sowatec was very open and very interested in the implementation of our new requirements. The great strength of Sowatec is their technological competence. In particular, the heart of the process, which is also the most difficult part, namely the controlled import of data, was solved in a very innovative and elegant way. The collaboration was very pleasant. Of course its not our first project.