The Journey
THE CHALLENGE
A retail savings bank urgently needed to replace its inferior IFRS 9 solution provided by a traditional vendor in this space. The Bank initially felt it would be impossible to move away from their existing provider in a cost effective manner with minimal disruption.
THE SOLUTION
The Bank had been depending on a traditional vendor to support their IFRS 9 requirements. Unfortunately it was taking far too long (often over 48 hours) to complete the calculation of their Expected Credit Loss (ECL).
The Bank desperately required a more modern-day solution, that could seamlessly run their ECL calculations in a shorter timeframe, with the added ability of running multiple simulations in the same environment and with minimal effort needed.
ElysianNxt provided a solution based on cutting edge technology enabling the Bank to step into the world of real-time risk management.
THE OUTCOME
ElysianNxt proved in a very short space of time that the Bank could quickly and easily replace their existing platform and run their ECL calculations within a much improved 2 hour window.
- The system needed 48 hours to complete the calculation of Expected Credit Loss (ECL).
- The implementation took around 6 months.
- The bank had little appetite to spend more money following the initial implementation expenses.
- The Bank preferred a replacement project that takes less time to implement and a system that is easy for users to adopt.
ElysianNxt’s Proof of Concept ensured the Bank that these can easily be achieved.
- In only 6 weeks the Bank was having like for like results and coverage.
- The ECL calculation now completes within 2 hours on the existing hardware of the Bank.
Learn more about what the Bank got out of it in the full case study
phase 2
- Re-modelling exercise for a number of portfolios enabled in a matter of weeks through the flexibility of the platform.
