Initial situation and challenge
- Renowned private bank with little experience and know-how in DLT has decided to enter the cryptocurrency business for its private and wealth management business as well as its institutional clients
- Throughout the process, the client wants to increase its level of process automation and digitization wherever possible and feasible
- Both business and operating model are yet to be defined, including all necessary IT providers
- Furthermore, the necessary BaFin licences including respective enablement of staff are not yet in place
Tasks assumed by FinPlanet
- Overall project lead
- Definition of business model (clients/markets/products) including detailed business plan
- Definition of all elements of the operating model:
- Crafting of E2E core processes and user stories, detailing business requirements to the point that IT implementation starts
- Defining the IT architecture and IT sourcing degree and conducting a full-range provider selection and onboarding process
- Defining organizational changes, including staffing requirements
- Preparing the BaFin licence application including NPP support (crypto trading and custody)
- Defining a compelling go-to-market strategy and providing overall support for the go-live
Added value for the client
- Getting a client with virtually no DLT experience crypto-ready (live production) in just 15 months
- Opening up additional revenue potential of more than EUR 3.5 million (t+3)
- Significantly increased the bank’s digitization level, e.g. through fully digitized client onboarding processes
- Conducted the BaFin licence applications in only 4 months
