Discover how a smart team bringing together strong experience in the production of documents related to investment funds and advanced technological skills reinvent the management of reporting challenges.
The recent history of nadi is above all that of a rebirth. For the past three years, a team combining business expertise and advanced technological skills has developed of a solution that aims to overcome the constraints in the production and management of documents related to investment funds. This approach, based on making simplicity a driver of efficiency for fund managers and administrators, is now operational and already in use at several financial institutions. The story of nadi, however, is a little longer.
Initially, an application to perform translations
Nadi Solutions was founded in Belgium in the 2000s. At the time, it was a software company in the translation sector, far from the financial industry. Using nadi, companies were able to produce documents and easily produce the translated version. Luxembourg, Belgium’s neighbor and an international centre for investment funds, appeared to be a promising market for small businesses. "However, the application was technical, not necessarily easy to use. Each element being hard-coded, the way it was designed made it difficult for the customer to adapt, particularly to comply with new regulations or to customize reports," explains Steve Verlinden, current COO of Nadi Solutions. “The Luxembourg regulatory framework, which is more diversified than in Belgium, made it difficult to adopt the solution.”
nadi could have then quickly disappeared from the radar. but the intervention of Bertil Rouveure, a successful entrepreneur in the financial sector, who invested in the company in 2012 ensured this was not the case. In 2014, having sold MultiFonds to the Temenos group, he decided to focus on this recent acquisition, with the aim of giving it a new lease of life.
"We then decided to rethink the application from top to bottom, retaining just one or two key principles," says Steve Verlinden. The current COO of Nadi Solutions joined the team, adding his 17 years of expertise in the field of reporting to the project’s talent-base. The aim was to focus on the needs of the user, to offer them an intuitive solution allowing them to manage for themselves all issues related to the production of documents governing the life of an investment fund. In 2015, there was a team of seven people, including four IT specialists led by Julien Schleich, CTO. It rapidly grew, integrating additional business expertise, with the arrival of Nicolas Heynen and Cécilia Vernhes and additional resources to ensure quality development.
A solution that places simplicity at the service of performance
Within Nadi Solutions, the "business" experts in the field of financial reporting and the IT experts worked together, questioning assumptions to create a new solution, which places simplicity at the service of performance. "A few key principles guided our thinking. First, we tried to automate everything that could be automated, in order to implement the operations that had previously been carried out manually. We also wanted to offer the end user the greatest flexibility, so that he could develop his reports himself without having to rely on IT expertise," says Steve Verlinden. “Such a challenge guarantees greater responsiveness and a significant reduction in costs. We have designed a solution that allows a small team to manage all reporting issues independently, without having to use an external service provider." From the outset, the application was designed to make it much easier for each user to meet new regulatory requirements without having to invest in new developments. Beyond that, the idea was to facilitate the customisation of documents, so that each customer could stand out from the competition.
“We started with a scooter, with the ambition to build a Rolls”
Developing a vision is one thing. Making it reality is another. "We really started from a blank page, writing a 150-page document describing the ideal solution: the Rolls Royce of reporting solutions. Considering the size of the project, we started by designing a scooter. By working in agile mode, we developed the first essential functions, those that met the main needs, to test them on existing customers from spring 2017. Step-by-step, we have enriched the application, improved its functionalities while keeping our primary ambition in mind at all times.” One of the keys to the success of such a project is good teamwork, taking into account each other's ideas, and here the contribution of Thomas Veneziano, Product Owner, was crucial.
First customers, an enthusiastic welcome
The aim was to respond to each user challenge, while ensuring the most fluid and intuitive user experience possible. In November 2017, a version of the nadi application was ready to be released. The new, robust solution opens new perspectives for users in charge of document production. Built on a solid technological base, offering great flexibility to users, it attracted new customers. "Our teams are constantly improving functionalities to ensure the best user experience and enable fund industry players to manage document management and production issues more efficiently and cost-effectively," says Steve Verlinden. "In recent months, we have refined the solution by working with new customers and meeting new prospects, with a very enthusiastic welcome."