In 2001, Boston-based State Street, a leading global financial services provider and top-10 U.S. with $22.8 trillion in assets under custody and administration, had to adapt to the needs of its growing global customer base. They opted to work with Insigma and Zhejiang University to improve their performance and assist them as they expanded into the Asian marketplace.
The initial partnership focus was on modernizing more than 100 legacy applications and systems and, performing related development and QA testing on those systems. The reengineering efforts have saved State Street millions of dollars compared to the cost of replacement and have resulted in supercharged applications that deliver dramatically greater productivity.
The State Street-Hangzhou technology center was established in 2005 to create innovative technology solutions for State Street, its customers, and the financial services industry. Recently, State Street reassigned 1,000 of its resource positions from India to China. Today the center has more than 1,800 employees supporting State Street’s global businesses and clients.
State Street’s initiatives have constantly evolved in size, objective and nature during the past decade. The key to success in this relationship lies in the innovative collaboration.