Scottish Widows completes migration of thousands and thousands of accounts to TCS platform
Scottish Widows has moved 3.8 million buyer accounts and pension information from a number of legacy programs to a cloud-based platform from Tata Consultancy Providers (TCS).
It labored with the Indian provider’s subsidiary Diligentia on the migration to the TCS BaNCS software-as-a-service (SaaS) platform. The pension supplier, a part of Lloyds Banking Group, additionally rolled out a wealth administration platform from TCS, and within the course of migrated almost one million retail buyer funding portfolios.
Donald MacKechnie, a Scottish Widows COO, stated: “We’ve reached an essential milestone in our transformation programme and our ongoing relationship with Diligenta and TCS. We look ahead to persevering with to boost buyer expertise by offering prospects with higher and quicker service enabled by digitisation.”
Account migrations are essential landmarks for finance companies as a result of transferring buyer accounts from legacy to cloud programs is critical for contemporary digital monetary companies. However migrating buyer accounts within the finance sector can be a vastly dangerous challenge. “It’s nonetheless a really tough, sophisticated, dangerous factor to do,” stated one senior IT skilled within the finance sector.
Reputational injury and regulatory fines can comply with if issues go flawed, with TSB’s failed migration in 2018 being a great instance. Catastrophe struck TSB prospects in 2018, when it moved buyer accounts from Lloyds Financial institution programs, which hosted them, to a UK model of Sabadell’s in-house-developed core system generally known as Proteo4UK. In April that 12 months, the migration skilled main issues. Over a five-day interval, customers had been locked out, skilled cash disappearing and a few had been even in a position to see different prospects’ accounts.
All of TSB’s branches and a major proportion of its 5.2 million prospects had been affected by the preliminary points. Some prospects continued to be affected by points, and it took till December 2018 for TSB to return to enterprise as typical.
The UK regulator fined TSB almost £50m for its failures, and the financial institution paid £32.7m in redress to prospects who suffered detriment. It additionally fined TSB’s former CIO, Carlos Abarca, £81,620 for his half within the catastrophic migration of the financial institution’s IT to a brand new system.
TCS has constructed a robust life and pensions enterprise within the UK. It strengthened its UK operation although the acquisition of life and pension outsourcing enterprise Pearl Group in 2005 after which arrange Diligenta to assist it develop in life and pensions BPO.
Within the UK, it delivers pensions, together with The Nationwide Employment Financial savings Belief (Nest) and the Academics’ Pension Scheme. Its BaNCS cloud merchandise spans the broader monetary sector, together with banking, capital markets and insurance coverage.
