Case Study: Wells Fargo

Wells Fargo trusted Vaco to work with customer data and migrate and onboard 23M+ customer accounts and brokerage portfolios in only 9 months. And it was done without downtime.

Client:

Wells Fargo

Services:

Managed Services

Industry:

Finance, Banking

Customer Profile Migration

When Wells Fargo and Wachovia Bank needed to merge customer profiles and investment portfolios from multiple enterprises (Wells Fargo, Wachovia, and AG Edwards), they needed a safe, secure process to migrate data and onboard profiles. Since the information was sensitive, data security was a major concern and a non-negotiable. There was a high standard for quality control and assurance with an acceptable margin of error at 0%. With an anticipated timeline of 36 months, our Vaco team rose the challenge and completed the project – safely and securely – with limited downtime and in only nine months.

Solutions & Results

  • Developed a series of procedures to extract and consolidate data from multiple heterogeneous technology platforms.

  • Established audit checks and controls to ensure data lineage and information security controls were maintained.
  • Executed the migration in a phased approach by customer/portfolio.
  • Established contingency plans for Day One, Month One, Quarter One operations and reporting.
  • Completed the migration after hours mitigating risk and eliminating the need for downtime.

Success Statistics

Vaco executed the consolidation of 23M+ customer accounts, 7M+ relationships, and $1T+ in assets in only 9 months, and the migration was completed during a 72-hour window outside of market trading hours.

0 mo
To Complete (Projected 36)
0 M+
Customer Accounts Consolidated

Client Testimonial

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