Financial Services Company - Case Study
Immediate ROI For A Solution That Pleases Everyone
Client ~ A financial services giant managing more than $60-billion in client assets through
2,400 independent financial and insurance advisors scattered across 700 independent offices in Canada.
Problem ~ Find a way to more efficiently and effectively manage the massive amount of document retention required to meet the needs of our customer’s agents and their clients, as well as the demands of regulators. Documents were archived in a variety of ways, meaning that locating a specific document or file was cumbersome and time-consuming. Administrators, agents and compliance officers found the situation intolerable.
Opportunity ~ Reduce paper management and statement archiving costs by creating a cost- effective, outsourced solution for giving head office, branch offices and clients quick access to account information.
Deliverables ~ We first introduced a LAN based client server access system, and then migrated seamlessly to a secure web based corporate intranet and internet solution. There were five specific deliverables:
- Daily trade confirmations are loaded automatically at time of creation.
- Each month, account statement files are processed automatically through our system. Paper documents, faxes and emails are indexed and archived as required.
- All data is indexed and searchable by nine different criteria.
- Head office users have unlimited access to all statements for all advisors. Security protocols ensure that each investment advisor only views statements from their account base while clients only see their personal account data.
- Once a document is retrieved, it may be printed, faxed or emailed from a desktop, or saved as PDF.
Outcome ~ The most important outcome was vastly improved customer service. The system allows investment advisors to respond to customer inquiries quickly and with guaranteed accuracy.
Our client has a completely secure archive system for paper and computer-generated documents and data. Document retrieval is fast, accurate and on-line, eliminating paper and off-site storage.
There was no capital investment by our client. Coupled with no per-user license fees being charged means our client had an immediate return-on-investment.
As the company grows, an unlimited number of users will have access to documents across the organization at no additional cost. The system will grow with the client to meet its expanding needs.