EFG International - Ciklum

EFG International

SITUATION

EFG International is a global private banking group offering private banking and asset management services, headquartered in Zurich, Switzerland. In 2010, EFG International needed to grow its business and at the same time develop a new banking system. The company concluded these aims would be difficult to achieve in Switzerland where the market for senior software developers is limited and expensive.

EFG International team considered outsourcing as a possible solution and looked at Singapore and Ukraine as potential outsourcing destinations.

 

SOLUTION

The initial idea was to complete the software project and apply changes afterwards. But Ciklum’s Extended Team model allowed the EFG team to change its approach and build a nearshore software team in Ukraine for long-term operations.

EFG has direct access to its software development team, which is critical for using Agile methodology. Ciklum’s Consulting services supported EFG in implementing Agile Scrum methodology in the team work.

 

RESULT

  • EFG Kiev team currently serves as the core of company’s development, while its Swiss office is the “brain” that controls overall strategy
  • EFG International grew its headcount by 400%
  • 90% team retention rate is achieved with Ciklum’s team retention services.