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Customer

global investment bank credit suisse was founded in switzerland in 1856 and has offered countless financial services ever since. licensed to operate in ksa in 2007, credit suisse saudi provides wealth management and equity trading services for saudi residents with global standards.

Project Overview

since the inauguration of their business in ksa, credit suisse saudi arabia has used knowledgenet tradenet standard trading platform for over a decade for its reliability and efficiency to empower the business of automated trading and maintain its brand name strong reputation.

they sought a faster, more reliable solution to sync thousands of trades in seconds.

by partnering with knowledgenet, their order processing cycle became more efficient, occurring in 100-200 milliseconds and allowing 1000 trades per second.

this was possible by using tradenet database’s dependent technology layer to access the market directly from the mercury order routing channel.

in addition to this solution, a monitoring tool was provided to identify any errors during trading sessions.

Challenge

credit suisse saudi’s system architecture operated on a technology, which became legacy, that limited the order flow performance cycle. this created a strain on the current operations, rising trade volumes in terms of time efficiency and maximizing their clients trading benefits.

with increasing growth in the saudi economy, the need to accelerate the current trading platform without any impact on the current customer operations in this transition was crucial.with the significant increase in customer operations, the project has to be executed in a shorter time.

Approach

knowledgenet innovated its eco-system to integrate with the existing tradenet system to ensure the risk-free transition. knowledgenet’s tradenet fastwire was built for agility and rapid sync transmission. it is proven to be the most reliable and efficient solution in the region and is compliant with local financial regulatory requirements. credit suisse saudi requirements were phased out, prioritizing the operational implementation.

The Solution

using tradenet fastwire, within seven months, knowledgenet developed 4 integrations for credit suisse saudi to boost their order performance cycle and number of trades per second. building on its in-memory processing multi-node solution that allows 1000+ trades to flow and execute at the exchange in milliseconds. the optimization of dma and algorithm trading boosted speed further. this engine provided order routing and direct market access for users creating a transformational experience for traders the minutes it was launched.

Results

by partnering with knowlegenet, credit suisse saudi arabia’s business is booming. the tradenet fastwire solution provided a robust model while keeping the bank to monitor the order flow. we will continue this partnership by building a rule engine to address business validation rules.

The Client

Saudi National Bank, the largest financial institution in Saudi Arabia, is one of the leaders of the industry in the region that was established back in 1953 and had over 500 branches. The bank contributes to some of the Kingdom's mega projects and surpasses boosting both its local and regional customer base at impressive rates.

As a leading institution, the bank plays a vital role in redefining processes and experiences. This can be achieved only through consistently pursuing the finance industry's best practices, processes and technologies. One of the bank's latest collaborations was with KnowledgeNet, implementing the effective Know Your Customer solution KYC^2.

The Challenge

Any time that can be saved is now seen as both a cost reduction opportunity and another one to enhance customer or client experience.

For Saudi National Bank, the dependency of accessing Know Your Customer data manually by the internal teams takes time, and this time counts as both a challenge to the productivity of employees and as a delay for customers, which can both be eliminated.

The Approach and Solution

What resolves this, decreasing the cost of the know your customer daily processes, is a solution that takes advantage of digital automation, and as a proven solution, kyc^2 was the solution of choice.

By implementing kyc^2, it was ensured that data was migrated securely and automatically. kyc^2's approach to data migration and storage relies on an architecture that utilizes the highest, military-grade standards of data integrity and end-to-end encryption security.

There could be no automation without reliable data. so there comes the enhancement of data accuracy. kyc^2 starts at resolving master data issues, making it free of missing information, incorrect data and formatting issues; all with the technology of the dnx data quality management platform, built on top of ibm's datastage, informatica and talend.

Using a powerful rule book and manual/semi-automatic tools, we have ensured the bank has full control over their customer data and how it can be filtered and enhanced.

Data quality is continuously monitored through the process, with powerful algorithms continuously analyzing key data quality metrics and generating useful insights. data is also stored on-premise, fully aligning with the required regulations.

After enhancing data quality, kyc^2 could be fully implemented with the existing banking system with no required changes.

Kyc^2 improves day-to-day know your customer processes by allowing employees to get faster confirmations with minimal steps, providing them with customer information in one place and alerting them with data quality issues to help sustain the speed acquired by improving data quality.

Additionally, it provides them with an automatic escalation feature to branch managers to help enhance the service for every customer and the productivity of each case.

One of the biggest aspects that were in mind during building kyc^2 from the ground up was compliance, and it is an aspect we also consider at every integration. kyc^2 complies with every banking software standard, including the top encryption and authentication security aspects.

Kyc^2's ease-of-use and clean user interface designed according to scientific methodologies also came at a favor, as employees did not need much time to integrate the new solution into their daily workflow. thanks to the inclusive dashboard and intuitive design that feels familiar at the first time of use.

The Value

Saudi National Bank has finally achieved enhanced ROI in the form of boosted, proven employee productivity. Customer experience was also essentially improved, with the KYC^2 processes formerly causing delays now becoming a seamless one.

The Client

Emirates NBD Securities is a subsidiary arm of Emirates NBD (ENBD), a leading banking group in the MENA region. NBD Securities provides a full-fledged trading solution for individual and corporate investors, with significant features enabling them to trade across the MENA region financial exchanges.

The growth of NBD Securities marks another journey for the group formed in October 2007, when Emirates NBD was listed on the Dubai Financial Market (DFM).

The Collaboration

Early 2021, we partnered with Emirates NBD (ENBD) to embark on the TradeNet Transformation Program so that its solutions will rely and become based on the comprehensive trading solution TradeNet.

The strategic objective of the program was achieved in 5 only months, which was marked as an ideal delivery. The program's strategic objective time for the two-phase program, brought both conventional and Islamic brokerage solutions under a single instance powered by the TradeNet solution.

The Requirements

The ultimate goal of the product was to deliver a fully-featured equity trading service that offers up-to-date advanced functionalities provided by the world's most successful trading solution.

The inclusivity of conventional and Islamic trading was one of the main requirements. Top-level security was also among the most critical aspects of the solution considering its financial asset-related nature.

Ease of use and multiplatform support were also essential, as the solution needed to work on desktops, web, and mobile with efficient data streaming and high-performance trading capabilities.

The Approach and The Solutions

As the TradeNet solution provides an inclusive trading platform that is ready to implement and customize, we were honored it was chosen to fully power their trading solutions as fast to execute, secure and full-featured solution.

The TradeNet solution supports direct connectivity to the market to allow businesses to connect their customers to the market they want. It also supports automated trading with no volume caps, real-time market data streams, and fully customizable dashboards and reports.

The TradeNet-based delivered solution was delivered with full support to multiple markets and assets, and in 9 months, excellent cost-effectiveness was ensured.

As the solution gave the customers the features they would need, it has also provided them with the tools required to allow end-users to take advantage of the solution.

The solution also gives Emirates NBD complete control over governing the trading activities at any instance.

Through 15+ different modules and 4 integrations, the project delivered a long list of features with a capacity of up to 25,000 clients. At the time of delivery, it was already connected to 5 different markets.

While leveraging the high grade of security of TradeNet that starts from the microservice architecture ensuring the most superior level of protection, the solution was implemented as an on-premise one with data stored at the group's own servers.

We believe that the great outcome of the project heavily relies on the flexibility and inclusiveness of the TradeNet solution, which allows achieving requirements in outstanding timeframes and with special costs while delivering a solution that is up to the world's highest standards in every way.