Credit Suisse – Success Story

Credit Suisse Fund Services (Luxembourg) tell us how they improved operational efficiency and control with Temenos Fund Management


Luxembourg in our Credit Suisse front business is the European hub. So we serve front accounting and transfer agency services for islands, for Luxembourg but also for Switzerland.

So where we have in total roughly 700 funds representing roughly 300 billion Swiss francs in assets.

Our story started at Credit Swisse and France, that was more than five years ago. We have an old system in place which is not exception based which is paper-based and we have to do something integrated into the front accounting system.

So for that reason we said we know which controls we want to do but we don’t have it currently in the system so let’s build something together.

When we have this project we did not look only on the requirements the client came to us it was more an approach and how the final product should look like and how we want the product to behave in order to have more efficiency, in order to do all the let’s say functional controls, all the business requirements our clients have asked us to do, but also have higher efficiency in our automation rate for our industry and for our clients.

A key milestone of course is last year in our organization is the implementation of the ramps of the monitoring workflow which allows us to automate a lot of process, but the key element of the automation was we moved to a paperless world, which was very very important to the fact that we stopped to print pages.

A package of up to 40 papers has been printed for each day of a fund for each net asset value calculation of the portfolio and then the user was asked to check all of that manually and we brought basically a new user experience reason with a workflow approach and also with an exception based approach to control and to avoid any paper printing and only to raise an exception when it reaches the threshold compared to the defined value and only then the user has to be active and has to investigate on it which is a complete different way of working on it.

Initially we saw we just wanted to have a more automated, much better exception based control at the end of the value chain and then that more than two years ago we had a management off-site and we visited Porsche.

A car manufacturing in Stuttgart, which is some interviews.

I mean, many people notice the history they were bankrupt, or almost bankrupt twenty years ago and then they have adapted the operational excellence methodology and we tried to really learn and depth from there.

We visited Porsche. The production at Porsche and basically what Porsche does is it builds a car and a lot of parts are coming together and basically we thought before our clients are building the net asset value calculation over funding its portfolio.

Where although a lot of parts are coming together so they receive prices, they receive trades, they update static data and receive new static data and at the end of the day they have to population net asset value calculation to the outside world.

The way we use them is not only at the end of the value chain but many controls are already done in different steps of the production chain.

So the idea is really, each team or each production step delivers 100% of the quality and then moves on to the next one and then finally there is not much to control, there are no exceptions.

It’s like you put the car out of the factory, you turn the key and it works.

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