UK private bank C Hoare & Co has installed a regulatory reporting system from STB Systems, abandoning an implementation from a previous supplier after the project stalled and costs looked set to spiral.
The complete new reporting system from STB Systems has cost less than a single upgrade proposed by the former supplier, says Cliff Crumpton, Head of Finance at C Hoare & Co.
"Our previous project was not meeting timescales and not bringing us the benefits we had expected," he says. "When we looked again at the market, things had moved on."
At C Hoare & Co. there were four key systems that had to be consolidated and reported: an in-house retail banking system; two systems from Financial Objects, which handle foreign currency retail banking and treasury dealing; and a SUN accounting system.
"We were dissatisfied with project progress and support from our previous supplier and needed a fresh start to regain the momentum," comments Crumpton. "STB was given the go-ahead to implement in February 2004 and the software was integrated with our systems, tested and ready for the June 2004 quarterly reports."