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The client is one of the world’s largest brokerage firms having more than 12 million active brokerage accounts with them. Customer Reporting program oversees the strategy and implementation of the client’s regulatory and non-regulatory end-client communications. The client has embarked on the legacy modernization program. They have hence partnered with Infosys to optimize and revamp the existing legacy application using agile methodology. The collaboration also included work on modernized and rewritten complex legacy logic with latest technologies and enabled paperless levers.

Key Challenges

The legacy application was on a mainframe platform with several associated challenges:

  • Huge paper-based communications – around 16 M every year, with printing and mailing costs of around US$ 3.75 M per year
  • Low accuracy of tax forms as a result of legacy issues led to creation of around 3 M correction forms
  • Tedious manual audit process and end-user experience

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The Solution

Best Practices Leveraged

  • Infosys performed a critical analysis of existing business logic to identify redundant, obsolete, and missing functionalities as per the latest trends and suggested the solution of rewriting of one of the critical legacy applications. This was done by transforming legacy logic into Teradata components surrounded by Java framework
  • Implemented auto-correction detection process to detect the potential correction population (around 2–5% out of ~16 M population) and trigger the generation of 1099 composite corrected forms to end-clients. This process saves lot of time and effort, and also eliminates errors
  • Improved paperless penetration by setting paperless preference indicators in the code, and partner with various upstream and downstream application vendors to implement the same

Experience as Core Focus

  • Improved end-user experience by providing digital tax dashboard for personalized view of their consolidated tax information including critical dates and downloadable tax statements
  • We implemented REXX Automations to eliminate tedious manual and error-prone audit effort, to improve overall data accuracy
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Benefits

Paperless penetration increased by 92%, which resulted in savings of around US$ 3.75 M to the customer

Paperless penetration increased by 92%, which resulted in savings of around US$ 3.75 M to the customer

New End-Client–User Interface, Tax dashboard application provides clients a one-stop solution with very little need for interaction

New End-Client–User Interface, Tax dashboard application provides clients a one-stop solution with very little need for interaction

Reduced call-volume and average call-handling time by 10% – resulting in 213,000 minutes saved

Reduced call-volume and average call-handling time by 10% – resulting in 213,000 minutes saved

Rewrite of the complex legacy application with US$ 108 K savings per batch run for the customer

Rewrite of the complex legacy application with US$ 108 K savings per batch run for the customer

663 K push notifications generated for tax forms. Total savings were around US$ 232 K

663 K push notifications generated for tax forms. Total savings were around US$ 232 K

Improved accuracy of the data which was reusable for other vendors in the downstream

Improved accuracy of the data which was reusable for other vendors in the downstream

Accuracy of the data with modernization efforts led to 99.5% from 85%, which was the accuracy level prior to this modernization

Accuracy of the data with modernization efforts led to 99.5% from 85%, which was the accuracy level prior to this modernization

Reduced batch-processing times by 94%

Reduced batch-processing times by 94%

99.8% accuracy in predicting the tax-form availability dates

99.8% accuracy in predicting the tax-form availability dates