Wachovia has decided to make upgrades and bring in house an enterprise application for investment management after using modernization and assessment software from Relativity Technologies, the companies said Wednesday.
Wachovia’s Corporate & Investment Banking group selected Relativity to analyze the application that was managed by a third party to see if it could be brought “in house”.
“Wachovia is constantly investigating means to reduce the cost and increase the business value of our existing application portfolio,” said Bill O’Donnell, Wachovia’s Director of Operational Systems within the CIB Technology group. “This requires that we are able to make intelligent decisions about whether to maintain, renovate, or replace individual systems. The sheer size of the targeted application meant that any manual attempt to collect this information would have been very lengthy, costly, and potentially inaccurate.
“Instead, Relativity’s software solution was able to provide us with an extremely detailed understanding in an exceptionally timely fashion – giving us the foundation we needed to make and implement this strategic decision,” he added.