Case Studies

Case Studies

Financial Services Company Takes to the Web via ITCube

A highly diversified financial services company was prepared to take the next steps with regard to giving its customers greater access to their services; indeed, it was imperative. They had identified several major technology objectives involving web-based applications and reporting systems, but needed a partner that could develop financial software applications and advanced technology solutions rapidly and cost-effectively, as well as provide application management services. Their selection process led them to ITCube.

Success Strategy

The first phase involved the development of a Web portal for eMarketPlaces, where customers could make online requests for Financial Instruments, including Prepaid Commercial Letter of Credit, Business Line of Credit, Documentary Collection, and Escrow. Other key functions of this portal included enrollment and identity tools. Upon completing the portal, the ITCube team took responsibility for its support and enhancement, as well as the technical evaluation, new products and external interfaces.

A second phase was designed to be a single source Internet banking solution for wholesale customers. It enables customers to manage their businesses more efficiently by providing real-time access to a suite of Internet financial products and services. Some of the key products areas on the portal include: Cash and Credit Management Services, Foreign Exchange Services, Trust and Investment Services and, Online Buying and Purchasing Cards.

A part of the Credit Management System will allow wholesale customers to perform real-time Credit transactions including loan installment payments, changes to principal withdrawals from loan accounts, changing interest rates options, and acting on maturity dates. ITCube's team was responsible for architecture definition and implementation of the project.

Business Benefits

These complex projects were all completed on schedule and on budget within tight timeframes. The Marketplace Enrollment Tool created a User Acceptance Testing record for lowest defect rate for new applications in the client's Wholesale Technology Services area (1.3% defects from a total test scripts).

Savings from Improved Inventory Management

ITCube's client, a Global general merchandise retailer, was facing challenges with handling movement of its end-of-season items. There was a huge workload due to manual decoding of items for its Central Distribution Centers, moving goods from Central to Regional Distribution Centers and from there to stores. This resulted in delayed product arrivals to stores, which in turn resulted in lost sales or larger price cuts.

In addition, there was not enough visibility of inventory, compromising its ability to obtain maximum value from product markdowns.

This retailer brought ITCube in to build a new system that would automate end-of-season product movement across the supply chain to:
Reduce distribution overhead;
Increase allocation accuracy; and
Provide systematic forecasts that ensure optimum value from markdowns.

ITCube's Solution

ITCube built two new systems in the supply chain portfolio to identify markdown items and determine the profitability of an end-of-season push. Core processes were changed and new processes added to automate product movement through the whole supply chain. As part of the solution, a web front-end system was developed for users to monitor and control the process at various levels of the item hierarchy. The system could also generate reports on current and historical data points, thus providing a systematic forecast.

Online Financial Management System

ITCube's client is a finance institute dealing with banking, gold loan and lending. They are in this business for the past 25 years. The company is approved by a Government body. The loan and lending formalities are straight forward and genuine. The client required an online application to manage their day to day key financial tasks /activities. They had different branches, and they wanted to maintain the data's in a centralized location for analysis and decision making. The client required each branch users to login to the system from particular IP address only and it need to be a highly secured one. The transaction should be very clear and no variance should come as it is all financial related. The client also wanted a comprehensive reporting module for all their transactions.

ITCube's Solution

ITCube developed an online web application using the latest in technologies which allowed the client to increase their level of control and helped him to meet all the required financial management features online. The financial management solution covers the following features, the user can log all their day to day transactions, calculate the interest and other tax details from backend, secured login and authentication, generate customized reports on need basis, open a new account, transfer the loan account, terminate an account and extend an account, Auction the items which are not closed properly and overdue. Overall, it is user-friendly, quick and powerful in both its functionality and reporting, helps client to automate their internal processes and make their business move forward by reducing timings.

Business Benefits

The client can manage various branches and their users account
The branch users can manage only the particular branch detail and cannot log into other branch account
The client can manage all loan details online which enable centralized storage of the all details
The client can generate reports with very detailed transaction data
The client can also manage auction of the items and loan activities