Client partnered with Tech Mahindra in 2013 to transform its registry platform and enhance customer experience. The project involved two aspects: Platform & Back end and aimed to provide end-to-end management of various funds and back office fund administration services. Tech Mahindra selected Bravura Solution’s Sonata as the core registry. The platform included Core Registry, Case Management, Client communication, and Reporting, while the back office scope included onboarding, contributions, withdrawals, benefits, reconciliations, employer servicing, interactions with custodians, and operational risk & compliance. TechM ensured regulatory compliance in Australia.
Superannuation administration transformation in Australia
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Business Overview
Client reputed wealth manager in Australia transforms their superannuation administration model in partnership with Tech Mahindra Client. The client is one of Australia’s largest wealth and investment management companies listed on ASX, offering a vast spectrum of products for personal investment, superannuation and retirement planning client with over A$30 billion in funds under management.*
MoreClient reputed wealth manager in Australia transforms their superannuation administration model in partnership with Tech Mahindra Client. The client is one of Australia’s largest wealth and investment management companies listed on ASX, offering a vast spectrum of products for personal investment, superannuation and retirement planning client with over A$30 billion in funds under management.*
In its constant endeavor to continue enhancing its personalized digital programs and services to help clients achieve their investment goals, Client underwent the implementation of core technology project in 2007. However, the company now wanted to step up the game and looked forward to optimize operations and costs keeping superior customer experience at the centre of every new step they implement.
LessIdentifying Need & Choosing the “Right” Partners
In line with the vision of increasing customer engagement, enhancing experience and optimizing costs and operations, Client figured the need to replace not only the entire core system but also to change the administration model which was in-house operating on the legacy technology. In pursuing an outsourcing strategy, Client looked for a partner who had the capability and experience to work with them through this major system transformation and back office administration without losing sight of what they were trying to achieve for its clients.
Implementing the Solution
The transformation project involved two-phases:
Choosing the Right Technology Solution
Impact & Highlights
The client achieved remarkable improvements in operations, including faster processing, optimized processes, reduced risk and error rates, and lower technology costs within two years of go-live. Straight through processing also led to improved response times and reduced errors. Tech Mahindra effectively utilized Sonata to provide measurable value additions.
Cost Efficiency Success
Over 30% cost reduction in resourcing achieved in less than 2 years
Error rates reduced to less than <0.1% on the exception processing
Error rates reduced to less than <0.1% on the exception processing
Rapid Call Response
Consistently achieved 80% of calls being answered within 20 seconds due to faster access to data systems
Swift Transaction Success
Above 98% of transactions now processed within 3 days or less, compared to 80% pre-transition.
Next-Gen Customer Engagement
Backed by next generation technology, Client could now better respond to increasing digital demand and deliver best-of-breed engagement and customer experiences made possible via user friendly portals that allowed Client’s customers to access information and transact easily anywhere, anytime, on their device of choice.