Industrial and Commercial Bank of China Financial Services (ICBCFS), used a highly manual system for corporate actions processing, manually checking lists against reports and individually notifying customers. During peak months, ICBCFS corporate actions staff commonly worked 12 – 15 hours a day.
The manual notifications process also carried serious liability risks should even one customer be missed. To grow smoothly, ICBCFS needed an automated solution.
ICBCFS chose FIS’ corporate actions solution suite because of its long history of successful implementations on a global scale, backed by solution-specific experts and corporate actions specialists. Storing information in a secure cloud-based platform lowered total ownership costs. The solution successfully linked all required systems together and, best of all, eliminated the manual compilation and comparison between data feeds and position reports. The icing on the cake – FIS delivered the solution on time and under budget.
The results were transformative. Not only did ICBCFS reduce risk and gain enormous efficiencies by eliminating manual processes, the solution improved service levels, giving customers the confidence that ICBCFS will appropriately inform them of corporate actions affecting their positions. As ICBCFS expands with future acquisitions and organic growth, the solution can support growing volumes. In fact, ICBCFS believes that some of its organic growth may have directly resulted from streamlined processing and efficiencies provided by the corporate actions solution suite.