Utmost Wealth Solutions | Codestone

Utmost Wealth Solutions’ Digital Transformation: Accelerating Growth in Financial Services

With Codestone’s support, Utmost’s digital transformation has delivered profound outcomes, setting a new standard in the financial services sector.

We see huge potential for more decision support in the future.

Charlotte Barham

Head of Finance at Utmost Wealth Solutions

The Client

About
Utmost Wealth Management

Utmost Wealth Solutions is a leading specialist in life assurance and capital redemption bonds for high-net-worth UK residents. Based in the Isle of Man, Ireland, and Guernsey, it manages more than £27.9bn assets for over 136,000 clients. Utmost has a clear focus on being the leader in the creation of sophisticated wealth solutions for the international mass affluent, high-net-worth, and ultra-high-net-worth markets.

Enabling Growth through Modernisation

In today’s competitive financial services landscape, digital transformation isn’t just about upgrading systems – it’s about harnessing technology to drive growth and enhance operational efficiency. Utmost’s journey with SAP, facilitated by Codestone, exemplifies this transformative potential.

 

With a bold vision for expansion, Utmost Wealth Solutions recognised the need for a transformative upgrade to its financial systems. This change was not just about adopting new software; it was about positioning the company for sustained growth and navigating the complexities of the financial services sector.

 

  • Their goal?
    Streamline business functions, enhance operational efficiency, and ensure robust, flexible reporting to meet stringent regulatory requirements.
  • The challenge?
    Modernising finance systems to support business growth and regulatory requirements
  • The solution?
    Deploying SAP B1 for finance and SAP Concur for expense management, integrated through Business Process Automation (BPA).

 

Although several implementation partners were considered, the wider Utmost Group’s experience of working with Codestone made it the natural choice for the implementation.

 

Utmost Wealth Solutions faced a critical need to upgrade its finance system to support its ambitious growth trajectory. With assets exceeding £27.9 billion and a client base of over 136,000, the company required a robust, scalable solution to enhance its financial operations.

 

Faced with legacy financial systems that limited scalability and efficiency, Utmost needed a solution that could support its expanding operations and facilitate future acquisitions. Acquiring two Codestone customers using SAP Business One (B1) presented an opportunity to unify and enhance Utmost’s financial systems. This consolidation aimed to streamline business functions, improve operational efficiencies, and enable robust, group-wide reporting capabilities essential for regulatory compliance.

Empowering Utmost Wealth Solutions' Scalable Financial Framework

Codestone played a pivotal role in building Utmost Wealth Solutions’ scalable digital framework. This encompassed the implementation of SAP Business One for finance and SAP Concur for expense management, seamlessly integrated through Business Process Automation (BPA). To meet Utmost’s sophisticated reporting needs, Codestone also incorporated the BI360 business intelligence suite from Solver Inc. This comprehensive transformation empowered Utmost to enhance its high-volume, journal-based business operations significantly.

 

Codestone’s expertise enabled the rapid deployment of SAP Concur, facilitating early operational benefits such as the paperless processing of invoices and expenses. Interfaces to back office systems have been significantly improved using BPA. Volumes were limited to 18,000 records per file in the previous system. Now, with SAP B1, there is no limit on the data volumes, and batch runs can be scheduled overnight, preparing the business for the start of each day.

 

Utmost now handles transactions in many currencies, and up-to-date exchange rates are critical to its operations. SAP B1 now provides rapid upload of rates from market sources.

With SAP in place across the group, we can build a consolidated finance structure, enabling us to comply with rigorous regulatory reporting requirements.

Charlotte Barham

Head of Finance at Utmost Wealth Solutions

Enhanced Operational Efficiency and Scalability

The Results:

Utmost’s digital transformation story underscores how modern financial systems can fuel both organic and inorganic growth. By integrating SAP solutions, Utmost has not only streamlined its operations but also laid a solid foundation for future acquisitions. This strategy ensures that Utmost remains agile and competitive, ready to seize new opportunities in the financial services industry.

Key Benefits Realised

  • money

    Utmost now has increased ‘bandwidth’ for value-add activity through automation.

  • pie chart

    Streamlined Utmost back office with paperless invoice and expense processing.

  • medal

    Increased compliance for Utmost with corporate policies in place such as approval limits.

  • Decision making is now easier at Utmost using powerful reporting capabilities.

Codestone helped us to complete a complex implementation which has delivered benefits to the organisation and aligned our Group to the finance system of choice. Since going live their support organisation has been very proactive in delivering solutions, with complete transparency, giving us visibility of the status of all our open tickets.

Charlotte Barham

Head of Finance at Utmost Wealth Solutions

We should be talking.
It will be worth it.

Codestone is a leader in digital transformation, specialising in helping businesses optimise operations and achieve sustainable growth through advanced technology solutions. Our focus is on delivering outcomes that drive efficiency, compliance, and strategic advantage in the competitive landscape of financial services and beyond.