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Citi Recognized for Best Use of IT in Wholesale and Investment Banking at Annual FST Awards
Thunderhead Project Results in Significant Cost Savings and Improvements in Consistency and Accuracy of Documentation
Thunderhead today announced that its project at Citi has been recognized for Best Use of IT in Wholesale and Investment Banking in the 2009 Financial Services Technology (FST) magazine awards.
One of the largest financial services institutions in the world, Citi deployed the Thunderhead NOW solution to automate the production of highly complex trade documentation in its Global Retail Structured Products business, which sells derivative instruments to institutional and retail investors. The variety of features, underlying instruments, wrappers and other product terms that are combined to meet customers’ specific requirements necessitates the generation of complex, deal-specific trade documentation, including term sheets and legal documents.
Previously, the term sheets were created by different teams across the business, with numerous edits to multiple versions of the same trade details. This took up valuable front-office resources and also led to expensive drafting costs from the legal teams. Increased volumes of smaller-sized deals and the resulting pressure on margins also meant that the existing process was hindering business growth and profitability for the company.
As a result, Citi recognized the need for a highly flexible, robust document generation system. Following an extensive proof of concept, the company selected Thunderhead NOW as its preferred solution. Initially, Thunderhead was rolled out to the business’s London sales desk and then extended to sales desks across Europe, the Middle East and the United States in just 11 months, completing in December 2008.
The success of the project means that Citi will be extending the solution to all salespeople across the global structured products business and the New Issuance and Legal Issuance teams.
Executive quote
“On behalf of Thunderhead, I would like to congratulate Stefan and the team at Citi on winning this prestigious award,” said Thunderhead CEO, Glen Manchester. “Citi’s solution highlights the significant benefits financial institutions can achieve through automated trade document generation including reduced operational costs and risk, increased productivity and efficient business growth.”
Customer quote
“Citi is delighted that this important project has been given this well-deserved recognition,” commented Stefan Wagner, Managing Director of Global Head of e-Commerce for Citi’s Retail Structured Products group. “Working with our partners at Thunderhead and within Citi-Tech has enabled us to provide our clients with a massive improvement in consistency and quality of our trade documentation. We can now turn around in minutes what used to take weeks. It also allows us to pass on significant savings in legal costs within our industry-leading products and solutions in the retail structured product space.”
About the company
About Thunderhead
Thunderhead is the leading provider of enterprise solutions for the production of highly personalized, multi-channel communications.
Thunderhead’s innovative platform, Thunderhead NOW, empowers business users to own the end-to-end process of creating and maintaining customer communications and delivers significant efficiencies and cost savings. Thunderhead NOW also enhances customer engagement, improving customer satisfaction, loyalty and revenue outcomes.
Due to its unique combination of business user control, open standards-based architecture and broad enterprise capabilities, Thunderhead has quickly established itself as a clear market leader and is one of the fastest-growing software companies in the world. The company counts many of the world’s leading private and public sector organizations as customers, including Morgan Stanley, HBOS, UBS Investment Bank, and Allianz. Thunderhead services its global customer base from offices located in North America, Europe and Asia Pacific.
For further information please visit http://www.thunderhead.com.
Contact details
LEWIS PR
Brittney Wolff
619-677-2700
thunderhead@lewispr.com
Supporting materials
About Financial Services Technology
Financial Sector Technology (FST) is one of the leading business titles for IT decision makers in the UK and European financial services sector and the annual FST Awards aim to recognize excellence and innovation in the field of IT within the industry. Learn more at www.fsttech.co.uk.
Technorati tags: Thunderhead | document automation | Thunderhead NOW | Citi | Fianancial Services Technology award |
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