A team responsible for updating the interest rates of a set finance products were struggling with regular changes in the Bank of England Base Rate. With some 10,000 data fields to be manually updated and validated every time the Base Rate changed, this took two week long process resulted in competitors being able to get their products to market first. There was also a high risk of error due to the manual-intensive nature of the process.
A strategic standards-based solution required ‘back-end systems’ changes to support an automated process, however, the development team were full for the next 18 months with higher priority projects. The team were stuck with their manual process unless an alternative approach could be found. A Fast Track solution was proposed that used Windows-events based integration:
The project was delivered in 10 weeks. The solution automated the process of entering the revised interest rates and reduced the timescale from two weeks to two days. It was worth a significant amount in terms of additional sales revenue in addition to the reduction in manual effort of updating the systems.
The Fast Track solution used “advanced end user computing” and 18 months after implementation it was replaced by a solution based on strategic technology.
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