A Leading Canadian Firm Reduces Costs and Enhances Client Service Levels By Automating Client Onboarding
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A Leading Canadian Firm Reduces Costs and Enhances Client Service Levels By Automating Client Onboarding



Implementing OpenAdvantage® automated client onboarding software offered this leading Canadian wealth management firm increased visibility into the status of new accounts and provided convenient ...

Implementing OpenAdvantage® automated client onboarding software offered this leading Canadian wealth management firm increased visibility into the status of new accounts and provided convenient document imaging and management of client documents.



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A Leading Canadian Firm Reduces Costs and Enhances Client Service Levels By Automating Client Onboarding A Leading Canadian Firm Reduces Costs and Enhances Client Service Levels By Automating Client Onboarding Document Transcript

  • A Leading Canadian Firm ReducesCosts And Enhances Client ServiceLevels By Automating ClientOnboardingEXECUTIVE SUMMARYCOMPANY CHALLENGE SOLUTION BENEFITWith close to 40 branches Automate their manual client Implement OpenAdvantage ® Automated over 1000 ques-across Canada, this wealth onboarding process and en- automated client onboarding tions, 5 workflows and 144management firm offers inno- able them to scale and grow software, a scalable, configu- business rules, increased vis-vative investment ideas and a their business while eliminating rable platform to provide sup- ibility into the status of a newwide selection of managed in- resource-intensive processes. port for their business model, account application and pro-vestment solutions. organized across a network of vided convenient document sub-branches, branches and imaging and management of head-office. client documents.THE CUSTOMER 12 customer types, just getting the correct packageThis forward thinking firm’s adoption of leading technology together was a detail-oriented, time-consuming challenge.solutions differentiates them from other investment firms, Furthermore, forms often asked the same questions forcingenabling them to provide personal, thoughtful and intelligent IAs to enter the same data multiple times. The IA would workstrategies for their clients. Like the vast majority of financial with the client to complete the forms and copy the requiredservices firms, the firm initially opened every customer account supporting documentation. Once complete, the packageusing a manual, paper-based process. The paper-based would be sent to the branch manager to review for suitability.system worked, but as the firm grew, so did the headaches. Copies would be made and kept at the branch and theInvestment Advisors (IAs), branch managers, operations originals would be couriered to head-office.and the compliance department were all feeling the pain. Aswell, costs continued to climb – courier fees, paper costs, At head office, the operations department would receive thestorage and headcounts were all increasing to support the new account applications from all 36 branches and put newmanagement, filing and retrieving of client data. The firm applications in a “pending queue”. The queue was managedquickly realized an electronic client onboarding system with a using “first in, first out” prioritization. Generally, anpowerful on-line document archive was necessary to support application waited 2 to 4 business days in the pendingthe growth of their business. queue for re-view. More than half of new account applications were initially rejected due to incorrectTHE CHALLENGE information or documentation and would be returned to theA MANUAL, PAPER-BASED PROCESS IA for correction - starting the cycle again. Once approved,The firm’s paper-based client onboarding process was similar operations staff would enter the data into the back-officeto most financial services firms. IAs, working in 36 branches system and officially open the account. The originalacross Canada, lead the firm’s relationships with its clients. documentation would be filed at headquarters and copiesTo onboard a new client, IAs would pull together the correct would be made and returned to the branch sucessfullydocumentation package for the specific account type completing the client onboarding process.(registered, margin, etc …) and the specific customer type “High staffing and courier costs incurred in the manual, labor intensive(personal, joint, trust, etc…). With over 20 account types and process hindered our ability to consistently deliver the level of service our client have come to expect. There were hidden costs – it became standard practice to receive at least one courier shipment from each branch each day as well we were always searching the pending queue for high priority accounts. It was very costly and focused on the process, not the client.” Chief Financial Officer and Chief Operating Officercontent.community.connected www.doxim.com
  • OpenAdvantage® Case StudyA manual, paper-based process creates many challenges: platform could be easily customized to meet the firm’s• Centralized process limits processing volume and sales specific requirements including the questionnaire, forms, growth workflow and business rules. As well, the firm recognized• Long lead time – typically a 5 day manual process Doxim’s Professional Services expertise would accelerate• Manual preparation of client onboarding packages causes their deployment. many errors• Extensive staff training on processes and procedures The solution was deployed and the response has been• Form changes were difficult to roll-out and costly with tremendous. In the initial phase, the firm automated more existing inventory being destroyed than 90% of all the accounts they open. IAs are now asking• High Not In Good Order (NIGO) rates to get the last few accounts automated by OpenAdvantage®.• No visibility into workflow status – IA must initiate requests for account status• Centralized process with long, unprioritized pending queue “We’ve been able to set new volume records due to customer• Potential to misplace applications, forms and documentation demand and our systems. Most importantly, Investment Advisors are able to spend more time with their clients.”• Shipping, tracking and archiving documents was time- consuming and costly Director of OperationsTHE SOLUTION The firm’s client onboarding process is now centered onREVOLUTIONIZING CLIENT ONBOARDING the client. The IA is presented with application questions byThe investment firm realized the need to automate their manual the system. The questionnaire is dynamic and automaticallyclient onboarding process to enable them to scale and grow tailored to present only the relevant questions for thetheir business while eliminating resource-intensive processes. particular client and account type. This simplifies andThe project goals were to: accelerates the process by eliminating all unnecessary• Deliver same-day client onboarding and duplicate questions on the paper forms. Furthermore,• Reduce costs training is dramatically reduced since the system is guiding• Increase daily client onboarding volume the IA through the process.• Improve NIGO scores• Ease retrieval and management of client documentation Data is immediately verified and calculated fields are• Deliver visibility to all stakeholders: IAs, management, automatically tabulated. As well, IAs are warned prior to operations and compliance submission of all incomplete or invalid information. This• Reduce frustration of IAs and operations teams has reduced the NIGO scores to virtually 0%. Once the• Improve workflow and monitor client onboarding activity application is complete and signed by the client, the IA• Improve process and reporting metrics submits it for review by the branch manager and head- office. OpenAdvantage® was configured to meet the firm’s business model, supporting the approval process for a sub-A critical success factor was enabling the IA to directly manage branch, branch and head-office network. Importantly, clientthe client onboarding process – from initiating the process with data permissions were designed around this same structuredata and document entry to tracking its progress through the to ensure data security.approval process. This change would decentralize the process,deliver immediate scalability and eliminate growing bottlenecksat headquarters.The firm examined a number of alternatives and se-lected OpenAdvantage® as the foundation for their elec-tronic client onboarding system. The OpenAdvantage®content. community. connected www.doxim.com
  • OpenAdvantage® Case StudyAs the application moves through the approval process, it can THE FUTUREbe monitored by the IA and other stakeholders. In addition, With the initial phase successfully deployed, the firm is nowapprovers are notified when there are new applications pending. in the process of planning Phase 2 with a focus on improvingThe approval process has been greatly simplified since the the account updating process and reporting.data has been validated eliminating the tedious administrativeaspects of approval. Now, almost all accounts are opened“same day”. “Now we have an always available, on-line repository of client documents. From an operations and compliance perspective, this hasIn addition, when a new IA joins the firm, spreadsheet been one of the biggest advantages of OpenAdvantage®. We found Doxim to be very responsive to our questions and requests, open todata can be quickly imported into OpenAdvantage® and a our suggestions, creative with proposed solutions, and never gave uppartially completed application is automatically generated for on even the smallest of problems. It is a pleasure to work with them.”completion at a later date. This allows IAs to maintain existingclient relationships while maintaining consistency and providing Director of Operationsexceptional client service levels.Costs have also been reduced and the firm has made a bigstep towards a paperless client onboarding process. As partof the client onboarding process, supporting documentationis scanned and electronically stored with the client account.For scanned documents, OpenAdvantage® produces a uniquebarcode identifying each client and document type to ease futureretrieval. Branch personnel and operations and complianceofficers with appropriate permissions can instantaneouslyaccess documents. The repository has dramatically reducedthe need for couriers as well, from daily service to once a week.Doxim builds and delivers automated client onboarding software, cloud-based Enterprise Content Management, and advanced documentprocessing solutions for Financial Service Providers and their outsourcing partners. These solutions are used by thousands of clients inbanking, credit unions, wealth management and investment brokerage to create, deliver and manage business critical documents andcontent more efficiently and cost effectively. Doxim solutions help these organizations to improve client communications, streamlinedocument access and meet the stringent compliance requirements associated with transactional document output and delivery.Doxim is an SSAE16/CSAE 3416 compliant organization.Toronto | Kitchener | Vancouver | Montreal1.866.475.9876 | info@doxim.comcontent. community. connected www.doxim.com