Business Challenge
Asset management firms face challenges such as a generational shift in the demographic and new patterns of investment behavior. They also face changing regulations, and aggregators with low-cost products who are thinning the pool of investible funds.
Our client wanted to differentiate itself by offering customer-centric solutions that are flexible and adaptable. But its existing systems presented several challenges:
- Its front, mid and back office functions needed a lot of manual effort.
- Business rules were inconsistent and data duplication was rampant.
- User experience on the platform needed significant improvement.
- Clients were unable to get a holistic view of their accounts.
- Data validation was consuming a lot of manhours.
Solution
We partnered with the asset manager to deliver better digital experiences to all its stakeholders. We created a robust data ecosystem and used advanced technologies such as artificial intelligence/machine learning or AI/ML, intelligent automation, cloud computing and test automation.
- Our team streamlined and integrated the client’s front, middle and back office functions. We helped the client integrate their back-office solutions with their custodians, reducing complexity in information exchange, eliminating reconciliation and increasing operational efficiency by more than 75%.
- We automated the creation of more than 7,000 reports.
- Improved experience for retail and institutional clients by automating the generation of complex compliance and strategic reports.
- Developed a strategic reporting module that gave customers a holistic view of their accounts and holdings.
- Set up a business data validation team offshore.
- Enabled self-service option for bespoke reports.
Outcomes
Our solution helped the client significantly improve front-end experience for customers, reduce manual effort and costs in the back office, and improve overall operations efficiency. Highlights of the outcomes:
- Automated the exhibits process with 75% increase in throughput
- Our report automation solution reduced manual effort by 70% and improved monthly artefact generation throughput by 40%
- Reduced manual effort for customization in client profile management by 60%
- Achieved $50,000 savings monthly in data validation for client profile management
