Charles Schwab & Co.

Challenge:
Charles Schwab wanted to provide its institutional broker and investment advisors with daily updates to their client's account status. However, the relevant information was stored in Schwab's legacy mainframe systems, which were not accessible to these outside brokers and advisors. As a result, Schwab could not provide them current information and therefore risked losing a considerable amount of business with these critical sales channels.

Solution:
Network Effects’ professional consultants, using the approached embodied in our Application Integration Services, created an XML extract of the relevant customer account information from Schwab's mainframe systems which was tailored to each broker and advisor. This allowed the brokers and advisors to integrate the latest account information directly into their own reporting systems. Moreover, this solution enabled Schwab to overcome the legacy system bottleneck in a cost-effective manner.

Results:
By providing its institutional brokers and investment advisors with current, daily information on their customer's assets, Schwab was able to strengthen its channel relationships and preserve an important source of business.