A commercial bank was looking to expand its product and service offerings through its Trust department to attract new clients. As part of this offering expansion, the bank created a new line of business, Escrow and Specialized Services, that would help facilitate large financial transactions with clients from around the world.
To begin this expansion, the firm hired industry experts to oversee the buildout of this new line of business. As a first step, a minimally viable product was developed which led to the selection and implementation of a Trust accounting system. This new system would serve the unique needs of the Escrow and Specialized Services team and aid in bringing this new line of business to market.
Sendero facilitated requirements gathering sessions with the subject matter experts that would oversee the Escrow and Specialized Services line for the bank. Once requirements were identified, a vendor selection process was executed to compare available products against the features required by the client to ensure the new accounting system would be successful.
Once the vendor was selected, Sendero oversaw the configuration of the new system, including the development of process flows and management of application testing. Sendero also partnered with the vendor to train users on the new system while providing Organizational Change Management materials such as stakeholder impact assessments, marketing communications, and go-live readiness assessments.
Sendero oversaw the configuration of the new system, including development of process flows and management of application testing.
Sendero partnered with the client and the vendor to deliver a successful and on-time integration of the Trust accounting platform, which was customized for the new Escrow and Specialized Services line of business and responsible for tracking millions of dollars worth of transactions.
As part of the implementation, Sendero also delivered the following:
- Training to business stakeholders on how to execute tasks in the Trust accounting system, along with a system analyst who would maintain and make changes to the platform upon business request
- Successful QA and UAT testing across the primary system and the required additional website portals to ensure proper functionality and preferred system settings
- Updated IRS Compliance Configurations for necessary tax reporting and income withholding requirements on clients
- Integrated functionality with existing bank systems to facilitate large wire payments with approval limits to help mitigate risk