24-Feb-03
HVB Group, one of the largest providers of wealth management services in Germany, Austria and Eastern Europe has recently chosen Triple’A from Odyssey as its investment management platform, to support its Private Banking operations in Germany. HVB has the objective to improve the quality and variety of its private banking services as well as improving its cost/income ratio. The increased operational efficiency provided by the multiple features of Triple’A will help to achieve these goals. The HVB Wealth Management decision follows the successful implementation of Triple’A by Bankhaus Maffei which belongs to the recently established Wealth Management Division of HVB Group.
Triple’A has been confirmed as the strategic choice of the HVB Group for Private Banking after a meticulous selection process. The implementation of Triple’A at Munich-based Bankhaus Maffei in a record time of 6 months (March 2002 – September 2002) was an important step in the group’s decision process.
Three key reasons stood out in HVB Group’s choice: Triple’A architecture which enables implementation in different institutions and departments throughout the HVB Group’s Wealth Management division; its ease of implementation in a Back-to-Front and Front-to-Back mode; and, most importantly, the functional coverage offered within Triple’A. HVB’s immediate objective from this investment is to increase efficiency by industrialising the investment management process, improving automation of workflows and compliancy controls, and implementing Straight-Through-Processing (STP). The project for the Private Banking division of HypoVereinsbank Germany started in January 2003.
It is planned to increase the number of private banking products and services for HVB’s customers through capitalising on Triple’A functional richness. The implementation of Triple’A will reduce costs as well as time-to-market for these new products. HVB will have full control of its overall product offering, significantly contributing to improved services for its wealth management customers while better monitoring their risks.
Jan Wohlschiess, Head of Private Banking IT (HVB Wealth Management), commented on the decision as follows: “Learning from the Bankhaus Maffei experience, we can clearly state that Odyssey, with Triple’A and their professional service consultants, is a reliable, competent partner that can help us in reaching our ambitious targets.”
Michel Jongen, Odyssey’s General Manager for Western Europe, stressed the importance of HVB Group’s clear vision and their ability to formulate their short, medium and long-term project objectives. “Both parties have invested significant time and effort in analysing the business requirements and project success criteria in order to jointly ensure successful delivery. The same methodology has proved instrumental in the success of the Bankhaus Maffei project “on time and within budget”. This is one of the key business principles that Odyssey likes to share with its customers and we are committed to continue to do so.”
HVB Group is the second largest private bank in Germany with over 66,500 employees, 2,100 branches and over 8.5 million customers. It enjoys the leading position in the economic hub of Germany, Austria and Central and Eastern Europe.
This latest contract reinforces OAMS’ share of the German wealth management market. Odyssey has built a local team, and is committed to an increasing presence in Germany and Austria. Among the 80 sites in 20 countries – representing a total user population of more than 4,000 investment management professionals - Triple’A is now also employed by banks in Hamburg, Frankfurt, Munich and Vienna.