Deloitte and VMware Lead Regional Management Corp.’s Transformation to 100% Cloud has been saved
Deloitte and VMware Lead Regional Management Corp.’s Transformation to 100% Cloud
Regional Management exits all owned data centers to establish a financial services technology platform of the future based on VMware Cloud
NEW YORK, Nov. 10, 2021—Regional Management Corp. (“Regional Management”) set an ambitious goal to embrace the cloud instead of refreshing the company’s primary on-premises and secondary disaster recovery data centers. Deloitte and VMware teamed up to create a robust enterprise-grade platform based on VMware Cloud to enable Regional Management to exit its data centers and move fully to the cloud in less than six months. One hundred percent of Regional Management’s workloads are now running on VMware Cloud, including a fully functional and tested disaster recovery capability.
Regional Management provides personal lending services through branch locations across the United States and embraced this opportunity to bring greater resiliency and agility to the execution of their omni-channel growth strategy.
“Our technology evolution was inspired by fintech advancements. Very few financial services providers can boast of being 100% in the cloud,” said Joseph Manavalan, chief technology officer at Regional Management. “Rather than spending time and resources managing on-premises data centers, our engineering and product teams are able to focus on creating value for customers and drive innovation. In a competitive talent marketplace, our current technology stack and modern platform is a must-have to retain and recruit high-quality engineers capable of enabling our rapid growth trajectory.”
VMware Cloud is a multi-cloud computing solution that enables customers to move their enterprise apps to the cloud with less cost and risk. The solution delivers a consistent multi-cloud computing infrastructure with unified operations and security, and a complete portfolio of application modernization services that is available in more than 100 public cloud regions, customers’ private data centers and edge environments.
The VMware Cloud environment delivered by Deloitte allowed Regional Management to meet demanding timelines, minimize the cloud learning curve and achieve nearly zero transition downtime during the migrations. As for future proofing, the financial services organization was able to improve vital infrastructure posture and achieve greater resiliency against disasters. The business also achieved the elasticity of scale required to significantly grow the business through its omni-channel strategy.
“With cloud-enabled capabilities, financial service providers like Regional Management can build more meaningful customer experiences, process data faster, create efficiencies across their enterprise and take full advantage of next-gen operations — from artificial intelligence or machine learning enabled contact centers to real-time transaction status to completely reimagined front-, middle- and back-office operations,” said Nicholas Merizzi, Cloud principal, Deloitte Consulting LLP. “What Deloitte and VMware have built for Regional Management not only services their current demands but also will support and drive innovation for their consumer finance business and help position them favorably ahead of the competition.”
VMware Cloud successfully powers the Regional Management loan management platform that serves both their online user base as well as branch operations. Deloitte is a leader in advising financial services clients on their cloud strategies, with a successful track record of implementing and operating clients in VMware Cloud environments.
“In the financial services industry, brand loyalty has never been more competitive,” said Jennifer Manry, vice president, global industries, VMware. “Consumers expect a personalized and convenient digital experience. Delivering on these expectations requires a modern, flexible technology platform to accelerate the innovation of digital services. Together, VMware Cloud and Deloitte enable Regional Management to set itself apart from the competition while achieving their business transformation initiatives.”
VMware’s turnkey cloud solution was another spur to accelerate time to market, and the integration of its products gave the Regional Management team confidence in the new system’s capacity for business continuity and disaster recovery. Innovation in the financial services space continues to intensify competition — financial services organizations such as Regional Management can benefit from the cloud that positions them to differentiate offerings and grow to serve new populations and geographies. Client sales and servicing in the front office, risk security and compliance in the middle office, and core banking systems in the back office have had the greatest adoption of workload in the cloud.
Regional Management took advantage of key VMware solutions such as VMware HCX, to enable their migration, and VMware Site Recovery Manager, to orchestrate their disaster recovery. HCX is VMware’s application mobility platform and enables workload rebalancing across datacenter and clouds. VMware HCX simplified application migration, enabling the movement of applications from datacenter to cloud without impacting the applications’ availability.
The ecosystem is truly a joint undertaking, with Deloitte consultants serving as an extension of Regional Management’s own technology team and VMware as the technology solution provider of choice. This collaborative ecosystem became critical when the pandemic forced everyone involved to work in a distributed environment.
Deloitte is a leader in taking financial services clients to the cloud and earned the 2020 VMware Partner of the Year Award for Cloud Platform Transformation while advising, implementing and operating clients working towards VMware Cloud.
To learn how Deloitte and VMware can help your organization accelerate its cloud and transformation journey, visit our alliance page at Deloitte.com or contact email@example.com for more details.
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified consumer finance company that provides attractive, easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. Regional Management operates under the name “Regional Finance” in more than 340 branch locations in states across the United States. Most of its loan products are secured, and each is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. Regional Management sources loans through its multiple channel platform, which includes branches, centrally managed direct mail campaigns, digital partners, retailers, and its consumer website. For more information, please visit www.RegionalManagement.com.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today’s marketplace—delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 330,000 people worldwide connect for impact at www.deloitte.com.