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Wealth and Retirements Administration
BPaaS (IT+BPO) for Australian Investment Manager

About the Customer

A global leader in Wealth Management, provides a range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust services.

Challenge

Business scenario + Challenges

  • Client On boarding /New Account Opening Systems are a suite of web based applications consisting of multiple modules
  • Post a merger the client was looking to harmonize / rationalize applications and develop a streamlined workflow for account opening across product lines
  • Subsequently, client wanted to digitize the account opening process with a ‘Go Green’ objective

Strategy and Insight

Enabled customer centricity and efficiency of Portfolio & Performance system

Solution Approach

  • Integrated E-Sign framework into the client on boarding process and implemented eDelivery of welcome letters, confirmations and product/regulatory disclosures
  • KYC/FATCA enablement of the account opening process
  • Involved in the Party Data rationalization initiative to enable 360 degree view across customer accounts

Impact

  • Ease of signing the documents electronically – significantly reducing the time to onboard customers (From 22 days to 3 days)
  • Multiple account types like Mutual Funds, Trading, Retirement Plans can be opened from a single application
  • Reducing rejection rate of documents
  • Increased wealth management clients‘ sales and on-boarding “Excellent’ experience from 31% to 79%

TechM Advantage

Partnered with the client through its journey of transformation from a fragmented set of systems to an integrated digital platform

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