Our client, a leading online bank, wanted to address the challenges posed by its legacy wealth management platform. The bank’s 40-year-old legacy platform catered to business management firms, family offices, and high-net-worth individuals, but was becoming outdated and increasingly difficult to maintain. The client needed a comprehensive assessment of the system architecture, data flow, business processes, and logic to make strategic decisions for modernization.
With a vast amount of legacy code and a multi-ledger, multi-bank system processing a high volume of transactions annually, their legacy platform faced significant challenges in meeting the demands of the bank's growing business and evolving technological landscape. The system's complexity, including 100+ levels of approvals, payrolls, and unique scenarios, further added to the modernization challenges.
Industry: Banking and Finance
Core Business: Digital Banking for Personal, Business, and Partners
Solution: AI-Powered Legacy System Modernization
Tech Stack: AVA+ Digital Ascender Platform (GenAI-based), Automation, AI Bots, Microservices Architecture
Ascendion enables modernization with GenAI-powered solution
To meet these challenges, we leveraged Ascendion AVA+ (AVA+) Digital Ascender to reverse engineer 700,000 lines of code in just three weeks. This allowed us to identify and document over 4,200 requirement use cases, enabling the creation of a three-year modernization roadmap.
Our strategic plan focused on modern architecture including automation, AI bots for handling unique bank use cases, an enhanced UI/UX, and a distributed microservices architecture with more than eight external bank integrations.
Additionally, Ascendion successfully created 23 go-to market capabilities with 60 business capability mappings to provide ongoing assistance with future updates for the system’s architecture.
In addition to modernizing the system architecture, we assessed the legacy Oracle Relational Database Management System to understand its structure, operations, and data—before recommending improvements to ensure it could be modernized effectively.
The results:
- 45%+ cost savings achieved
- Fast-track development shortened the modernization timeline, enabling a re-launch of the 40-year-old platform within 18 months for Release 1
- Workflows optimized through AI-driven transactional handling capabilities integrated with web channels for payments, knowledge management, and search functions
- The platform is expected to deliver 33% savings in costs and resources within three years
- Modularized next-gen platform designed for seamless business expansion, with secure payment processing, collaboration tools, and transaction tracking
