DBT Bureau
Pune, 29 Sep 2024
HCLTech, a global technology company, is currently working with one of the top five banks in the U.S. to implement the Boardwalk Velocity Product. This collaboration marks an exciting expansion of the partnership between HCLTech and Boardwalktech Software Corp., a company specializing in digital ledger platforms and enterprise software solutions.
Banks and insurers of all sizes are facing mounting regulatory pressure to mitigate the risk associated with end-user computing applications (EUC’s). Until recently, progress in mitigating EUC risk and improving manual processes within financial institutions has been hampered by the extensive scale of the problem and the pervasive reliance on embedded manual solutions like Microsoft Excel. Considering the evolving regulatory environment regarding EUC’s, the risk management implications impeding both revenue opportunity and control, and the imposition of fines by regulatory bodies, financial institutions have come to realize the utmost importance of prioritizing the transformation of these EUC’s into a secure, compliant and improved environment with proper controls. The Boardwalk Velocity solution for financial services addresses these problems and provides a rapid path for the mitigation of EUC risk and the improvement of EUC controls across any financial institution.
“Our collaborative partnership with HCLTech at a prominent US bank has empowered us to optimize our strategy for the transformation of these End User Computing systems, resulting in swift compliance, better risk management supporting revenue endeavors, and robust data governance with a highly appealing return on investment,” stated Andrew T. Duncan, Chief Executive Officer at Boardwalktech. “The Boardwalk Velocity solution focuses on four core areas – improving process results, time to transformation, reduced cost to implement, and minimal disruption to users. This enables HCLTech and Boardwalktech to provide an unparalleled solution that is poised to remain highly sought-after and indispensable throughout the financial services industry.”
According to IT partners and financial services customers using Velocity, they have reported a 10x superior performance (in terms of time to deploy and cost to remediate mid and highly complex EUCs) versus alternative software solutions currently available in the market. Poorly integrated and non-compliant EUCs pose a massive risk management and compliance issue for banks. Financial institutions utilize thousands of Excel and Access-based EUCs for financial and performance models along with reporting trackers that must be transformed into an environment to mitigate and manage capital risk while being compliant with OCC and Dodd-Frank risk modeling requirements. By leveraging Velocity’s unique data architecture, financial institutions can rapidly transform these EUCs onto Velocity’s compliant data management platform. These transformations can be completed faster and with minimal impact on the end users’ day-to-day operations, all while preserving user reliance on the Excel experience and their existing EUCs. These improved audibility and operational and governance features allow financial services firms and banks to continue to use Excel while moving these EUC’s into a compliant, secure and auditable environment.
