TIAA accelerates software delivery with IT-business union

TIAA built a new platform to accelerate the way it brings on new clients. The system, called Refactor, uses scaled agile, DevOps and domain-driven microservices.

Breaking siloes has become a top priority for IT and business peers seeking a quicker path to transformation. Perhaps no company embodies this approach more than asset manager TIAA, which has pioneered a new operating model for producing software using agile, DevOps and microservices.

The initiative, called Refactor, has produced a big bump in the time it takes TIAA to onboard its clients, as well as a major reduction in costs. That's a big win for a large organization that manages nearly $1 trillion worth of retirement funds for 15,000 plan sponsor clients, which serve 5 million customers.

It’s also critical at a time when for-profit asset and wealth managers are after TIAA’s treasure trove of clients.

With the race afoot to retain and attract new clients, TIAA’s greatest challenge is delivering digital products to market in a timely fashion. The company’s years-old, monolithic platform, through which TIAA's plan sponsors provided record-keeping services that include over a trillion possible configurations, made it a challenge to simplify both the implementation and day-to-day operations. The platform’s architecture simply didn’t lend itself well to that type of business challenge.

Reimagining collaboration

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