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UBS ServiceWorks Vision
- 1. ServiceWorks Vision Wealth Management US December 15, 2006
- 2. 1 Discussion Topics Current State ServiceWorks — Vision — Phases — UBS Reference Application – Journal Automation — Benefits — Deliverables — Costs — Project Governance Appendix
- 3. 2 Current State – Branch Applications ConsultWorks contains over 40 service related applications used for client servicing within the Asset Admin theme. The daily routine of entry and tracking of service requests is time consuming and manually intensive. Business Challenges — Transactions are easily prone to human errors (i.e., data validation is performed manually) — Applications are segregated/silo’d — Tasks are manually intensive (e.g., cutting and pasting, re-keying of data) — Status of outstanding service requests are difficult to track Technology Challenge — Current Workflow solution is End-of-Life in 2009/2010 Service Requests CAI – Client Account Information CDBA – Client Databsae Housekeeping DTC Instructions EFT/Bill Pay Inquiry Autopay Check Request Fed Fund Periodic Dispursement Stk Trf Add – Stock Transfer Add Stk Trf Bust – Stock Transfer Bust 3rd Party Trf – Third Party Transfer Check Inquiry - Request Legal Transfer Inquiry Check Deposit Check Request Sec Over Wire – Security Over Wire Sec Over Wire (Bust) Legal Transfer Docs Journal Entry Worklist History Generic Journal ACAT – Automated Client Account Transfer Security Exceptions Corporate Action Notification Voluntary Instruction System Cash Exceptions History Security Glossary Product Database Inquiry Security Information Mutual Fund Order Entry Dividend Adjust Cxl Cxl Trades – Cancelled Trades Req Adjust Trade Date Dividend Adjust Fund Exchange Bal Inq – Balance Inquiry Trans Inq – Transaction Inquiry RMA Fee Bill Bal & Payout Info STAR – Service Trac Action Request Legend RUMBA (Mainframe) Web-enabled - LOA - Screen-prints - FA/Client requests Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info. M oney Funds Administration
- 4. 3 Current State – Workflow Each branch application entails its own workflow process. Service request and fulfillment processes frequently require manual intervention and are prone to human errors. Service Request Branch Applications Branch or Home Office Approval Request Fulfillment Status Notification CSA selects the application that is germane to the service request (SR) CSA enters the transaction data into the appropriate Branch Application Branch/H.O. staff reviews the request for approval and approves (or rejects) the SR depending on the results of the review process Upon approval, the transaction data is re-keyed into the appropriate backend system (depending on the request, this is performed by either branch or H.O. staff) CSAs manually monitors the SR for status updates Most CSAs keep a paper version of their pending SRs CSA wants to perform a bill payment (Bill Pay) request CSA enters the Bill Pay service request (SR) through STAR H.O. staff receives and Bill Pay SR and reviews the request for approval Upon getting H.O. OK, H.O. staff enters the transaction in the Bill Pay/EFT system CSA has to manually query Bill Pay/EFT system for status updates Service Request and Fulfillment Processes ActivitiesExample Service Requests CAI – Client Account Information CDBA – Client Databsae Housekeeping DTC Instructions EFT/Bill Pay Inquiry Autopay Check Request Fed Fund Periodic Dispursement Stk Trf Add – Stock Transfer Add Stk Trf Bust – Stock Transfer Bust 3rd Party Trf – Third Party Transfer Check Inquiry - Request Legal Transfer Inquiry Check Deposit Check Request Sec Over Wire – Security Over Wire Sec Over Wire (Bust) Legal Transfer Docs Journal Entry Worklist History Generic Journal ACAT – Automated Client Account Transfer Security Exceptions Corporate Action Notification Voluntary Instruction System Cash Exceptions History Security Glossary Product Database Inquiry Security Information Mutual Fund Order Entry Dividend Adjust Cxl Cxl Trades – Cancelled Trades Req Adjust Trade Date Dividend Adjust Fund Exchange Bal Inq – Balance Inquiry Trans Inq – Transaction Inquiry RMA Fee Bill Bal & Payout Info STAR – Service Trac Action Request Legend RUMBA (Mainframe) Web-enabled - LOA - Screen-prints - FA/Client requests Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info. M oney Funds Administration STAR ACAT Check Disbursement Branch Applications
- 5. 4 ServiceWorks – Vision Reduce transaction errors (e.g., cancels, corrections, resubmits, and returns) through data enrichment and enhanced data edits and validations Reduce reliance on Home Office support staff and improve time and accuracy of transactions by leveraging Straight-Through-Processing (STP) and workflow technology Decrease training costs and learning curve by creating an intuitive user interface with navigation that is consistent with firm standards (i.e., user interface conforms to or synergistic with Client Experience) Reduce service request lifecycle time by automating update of backend systems Simplify the tracking of service requests by delivering an integrated view of all transactions with real-time status Transition the Asset Admin theme into a multi-tiered service framework to simplify and expedite the initiation, tracking, and fulfillment of service requests between clients, branches, and home office. Service Request ServiceWorks Branch or Home Office Approval Request Fulfillment Status Notification CSA selects a request from a comprehensive and intuitive menu of services CSA inputs the SR into ServiceWorks, where data enrichment and validation is automatically performed SR is auto-routed to the correct department based on request type and adherence to appropriate business rules SR is reviewed for approval Requests flagged for straight through processing automatically routed for fulfillment without need for manual approval Upon approval, the appropriate backend system is automatically updated CSAs have an integrated view of all SRs and their status on a real-time basis Description ServiceWorks Theme Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info M oney Funds Administration Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info M oney Funds Administration
- 6. 5 ServiceWorks – Vision (Continued) Current Service Requests CAI – Client Account Information CDBA – Client Databsae Housekeeping DTC Instructions EFT/Bill Pay Inquiry Autopay Check Request Fed Fund Periodic Dispursement Stk Trf Add – Stock Transfer Add Stk Trf Bust – Stock Transfer Bust 3rd Party Trf – Third Party Transfer Check Inquiry - Request Legal Transfer Inquiry Check Deposit Check Request Sec Over Wire – Security Over Wire Sec Over Wire (Bust) Legal Transfer Docs Journal Entry Worklist History Generic Journal ACAT – Automated Client Account Transfer Security Exceptions Corporate Action Notification Voluntary Instruction System Cash Exceptions History Security Glossary Product Database Inquiry Security Information Mutual Fund Order Entry Dividend Adjust Cxl Cxl Trades – Cancelled Trades Req Adjust Trade Date Dividend Adjust Fund Exchange Bal Inq – Balance Inquiry Trans Inq – Transaction Inquiry RMA Fee Bill Bal & Payout Info STAR – Service Trac Action Request Legend RUMBA (Mainframe) Web-enabled - LOA - Screen-prints - FA/Client requests Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info. M oney Funds Administration Service Requests CAI – Client Account Information CDBA – Client Databsae Housekeeping DTC Instructions EFT/Bill Pay Inquiry Autopay Check Request Fed Fund Periodic Dispursement Stk Trf Add – Stock Transfer Add Stk Trf Bust – Stock Transfer Bust 3rd Party Trf – Third Party Transfer Check Inquiry - Request Legal Transfer Inquiry Check Deposit Check Request Sec Over Wire – Security Over Wire Sec Over Wire (Bust) Legal Transfer Docs Journal Entry Worklist History Generic Journal ACAT – Automated Client Account Transfer Security Exceptions Corporate Action Notification Voluntary Instruction System Cash Exceptions History Security Glossary Product Database Inquiry Security Information Mutual Fund Order Entry Dividend Adjust Cxl Cxl Trades – Cancelled Trades Req Adjust Trade Date Dividend Adjust Fund Exchange Bal Inq – Balance Inquiry Trans Inq – Transaction Inquiry RMA Fee Bill Bal & Payout Info STAR – Service Trac Action Request Legend RUMBA (Mainframe) Web-enabled - LOA - Screen-prints - FA/Client requests Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info. M oney Funds Administration Service Requests CAI – Client Account Information CDBA – Client Databsae Housekeeping DTC Instructions EFT/Bill Pay Inquiry Autopay Check Request Fed Fund Periodic Dispursement Stk Trf Add – Stock Transfer Add Stk Trf Bust – Stock Transfer Bust 3rd Party Trf – Third Party Transfer Check Inquiry - Request Legal Transfer Inquiry Check Deposit Check Request Sec Over Wire – Security Over Wire Sec Over Wire (Bust) Legal Transfer Docs Journal Entry Worklist History Generic Journal ACAT – Automated Client Account Transfer Security Exceptions Corporate Action Notification Voluntary Instruction System Cash Exceptions History Security Glossary Product Database Inquiry Security Information Mutual Fund Order Entry Dividend Adjust Cxl Cxl Trades – Cancelled Trades Req Adjust Trade Date Dividend Adjust Fund Exchange Bal Inq – Balance Inquiry Trans Inq – Transaction Inquiry RMA Fee Bill Bal & Payout Info STAR – Service Trac Action Request Legend RUMBA (Mainframe) Web-enabled - LOA - Screen-prints - FA/Client requests Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info. M oney Funds Administration Service Requests CAI – Client Account Information CDBA – Client Databsae Housekeeping DTC Instructions EFT/Bill Pay Inquiry Autopay Check Request Fed Fund Periodic Dispursement Stk Trf Add – Stock Transfer Add Stk Trf Bust – Stock Transfer Bust 3rd Party Trf – Third Party Transfer Check Inquiry - Request Legal Transfer Inquiry Check Deposit Check Request Sec Over Wire – Security Over Wire Sec Over Wire (Bust) Legal Transfer Docs Journal Entry Worklist History Generic Journal ACAT – Automated Client Account Transfer Security Exceptions Corporate Action Notification Voluntary Instruction System Cash Exceptions History Security Glossary Product Database Inquiry Security Information Mutual Fund Order Entry Dividend Adjust Cxl Cxl Trades – Cancelled Trades Req Adjust Trade Date Dividend Adjust Fund Exchange Bal Inq – Balance Inquiry Trans Inq – Transaction Inquiry RMA Fee Bill Bal & Payout Info STAR – Service Trac Action Request Legend RUMBA (Mainframe) Web-enabled - LOA - Screen-prints - FA/Client requests Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info. M oney Funds Administration Branch Appl Branch Approval H.O. Approval Request Fufill’t Status Notification Future ServiceWorks aims to integrate, automate, and streamline the branch service request and fulfillment processes. Service Requests CAI – Client Account Information CDBA – Client Databsae Housekeeping DTC Instructions EFT/Bill Pay Inquiry Autopay Check Request Fed Fund Periodic Dispursement Stk Trf Add – Stock Transfer Add Stk Trf Bust – Stock Transfer Bust 3rd Party Trf – Third Party Transfer Check Inquiry - Request Legal Transfer Inquiry Check Deposit Check Request Sec Over Wire – Security Over Wire Sec Over Wire (Bust) Legal Transfer Docs Journal Entry Worklist History Generic Journal ACAT – Automated Client Account Transfer Security Exceptions Corporate Action Notification Voluntary Instruction System Cash Exceptions History Security Glossary Product Database Inquiry Security Information Mutual Fund Order Entry Dividend Adjust Cxl Cxl Trades – Cancelled Trades Req Adjust Trade Date Dividend Adjust Fund Exchange Bal Inq – Balance Inquiry Trans Inq – Transaction Inquiry RMA Fee Bill Bal & Payout Info STAR – Service Trac Action Request Legend RUMBA (Mainframe) Web-enabled - LOA - Screen-prints - FA/Client requests Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info. M oney Funds Administration Branch Approval H.O. Approval Request Fufill’t*ServiceWorks • Disaggregated set of applications with separate workflows • Disparate user interfaces • Manual data input (re-keying or cutting and pasting) • No to minimal data validation • Non-intuitive usage scenarios • Service request tracking and status notification is not automated • Uniform user interface (synergy with Client Experience) for service request initiation, approval, and tracking • Integrated view of all service request and their status on a real-time basis (STAR Replacement) • Automated service request routing, tracking and status notification • Advanced data validation and adherence to business rules • Intuitive usage scenarios • No re-keying or cutting and pasting of data (auto-update of backend systems) STAR ACAT Bill Pay EFT Check Deposit Fed Fund STAR Replacement Journal Automation Bill Pay EFT ACAT Fed Fund Status Notification Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info M oney Funds Administration Client & Account Information Disbursement & Deposits Journal Entry Corporate Action Retirement Security Info M oney Funds Administration SR Initiation SR Approval SR Tracking Note: * Request Fulfillment involves automation of backend system update ServiceWorks Theme
- 7. 6 ServiceWorks – Phases ServiceWorks realization is divided into two phases. Current Phase I Scoping & Baseline — Conduct Cost Savings Analysis — Finalize Work Process Assessment and Project Plan — Complete business requirements — Select new Workflow platform Phase I — Replace STAR — Migrate Journal Automation — Deliver integrated view of all Service Requests with real-time status — Integrate Bill Pay/EFT with ServiceWorks Autopay Check Request Fed Fund Periodic Dispursement Stk Trf Add – Stock Transfer Add Stk Trf Bust – Stock Transfer Bust 3rd Party Trf – Third Party Transfer Check Deposit Sec Over Wire – Security Over Wire Sec Over Wire (Bust) Generic Journal ACAT Dividend Adjust Cxl Req Adjust Trade Date Dividend Adjust Fund Exchange CAI – Client Account Information CDBA – Client Databsae Housekeeping DTC Instructions EFT/Bill Pay Inquiry Autopay Check Request Fed Fund Periodic Dispursement Stk Trf Add – Stock Transfer Add Stk Trf Bust – Stock Transfer Bust 3rd Party Trf – Third Party Transfer Check Inquiry - Request Legal Transfer Inquiry Check Deposit Sec Over Wire – Security Over Wire Sec Over Wire (Bust) Legal Transfer Docs Journal Entry Worklist History Generic Journal ACAT Security Exceptions Corporate Action Notification Voluntary Instruction System Cash Exceptions History Security Glossary Product Database Inquiry Security Information M utual Fund Order Entry Dividend Adjust Cxl Cxl Trades – Cancelled Trades Req Adjust Trade Date Dividend Adjust Fund Exchange Bal Inq – Balance Inquiry Trans Inq – Transaction Inquiry RM A Fee Bill Bal & Payout Info STAR – Service Trac Action Request Phase II — Implement targeted changes to front-end of Phase II candidate branch applications — Implement auto- update of all targeted backend systems — Emphasize data entry and approval branch applications; not inquiry branch applications Legend Phase I Phase II Candidate To Be Considered Later Phase II Bill Pay/EFT Journal Automation STAR – Service Trac Action Request 600 individual tasks
- 8. 7 UBS Reference Application – Journal Automation (JA) JA is a prime example of the overall ServiceWorks methodology. It employs the major components of ServiceWorks – intuitive front-end, workflow technology, and streamlined approval and tracking processes – for Journal processing. Journal Automation Request initiation Real-time tracking/status History Request validation Workflow Enriches data Routes requests Processes Provides metrics Message Center Alerts Organizes Approvals Journal Automation Intuitive Front-end Interface Workflow Technology Rules-based Routing Workflow Management Engine Message Center Approval and Work Center External Systems + Databases GJOW, CRDB, etc.
- 9. 8 ServiceWorks – Benefits Client Experience Risk Management Cost Efficiency Reduce labor Productivity gains and potential cost savings from rationalization of people, processes, and systems Improve customer service through time efficiencies Simple and intuitive user interface Minimize errors Improve accuracy of client data by leveraging existing sources of data (for data enrichment, validations/edits, rules evaluation/calculations, etc.) Institute automated control Extract business knowledge from branch staff and codify them into business rules that can be applied across all branch and home office processes Validate success metrics Enable establishment of targeted metrics for measurement and improvement of branch office administrative processes Increase client satisfaction Raise internal and external client satisfaction levels
- 10. 9 ServiceWorks – Deliverables Milestone Target Timeframe Scoping Present to EC to gain approval for initial project funding 11/06 Business Concept & Prototype 06/07 Baseline Develop Phase I business requirements for ServiceWorks theme, STAR replacement, and migration of Journal Automation and Bill Pay/EFT 06/07 Select Workflow platform* 06/07 Present refined Project Budget and Cost Savings Analysis to OC for authorization to proceed 06/07 Formulate Workflow technology migration strategy* 09/07 Replace/migrate Workflow platform 02/08 Phase I Implementation TBD Transition Asset Admin theme into Service theme with integrated view of all service requests and real-time status Incorporate STAR replacement (600 Tasks) into Service theme Migrate Journal Automation and Bill Pay/EFT into Service theme Phase II Implementation TBD Implement targeted changes to front-end of Phase II candidate branch applications (e.g., ACAT, Fed Funds, etc…) Business Case Business Scope ISD Scope BRD Final ISD Estimate Scoping Design Development QA Testing Implement- ation Baseline Implementation Note: * “Must do” tasks (irrespective of status of ServiceWorks) because current IBM Workflow platform was announced to be End-of-Life.
- 11. 10 ServiceWorks – Project Governance Mgmt Support Kate Newcomb Project Leaders Steering Committee Executive Sponsors Operations Peter Stipp ITI William Pierotti BCOO US Valerie Rowland MT US Ramon Morales* ISD Doug Badeau CIO Bella Allaire BCOO TBD ISD Stephen Ferranti Note: * To be discussed.
- 12. 11 Appendix – Estimated Resource Allocation & Scoping Costs
- 13. 12 Success Criteria (2003) M etrics Achievements Now Proof of Concept Success Criteria POC & Journal Entry Completion Future FTE Savings – Productivity Ops Re-keying Document review in home office Many manual approval stops Excessive service calls Elimination of re-keying Elimination of document review at HO Reduction of manual approvals Reduction of service calls 10 FTEs x 55,700 = $557,000 Similar types of savings can be achieved with other workflow opportunities and standardization Time to M arket Each application builds workflow layer 3 FTEs x 115,000 = $345,000 20% fewer ISD resources for new Workflow projects* * Significantly Improved Business Requirements Many projects overshoot target dates and go beyond original scope -Proof of concept delivered in 6 months with Specified Resources and no scope creep Standardized requirements/modeling methodology enhances Business/Technology collaboration 2 FTEs x 115,000 = $230,000 10-15% fewer ISD resources for projects involving modeling* * Branch Productivity Savings 10 minutes (blended) per journal entry 2 minute reduction per journal entry 1.2MM Journals/yr = $950,000 (approx. 0.1 FTE per branch) Accumulates towards branch savings Cycle Time Next day standard Same day standard Improved service ROI-based improvements M etrics Limited and disjointed Process transparency: time, cost, error, bottlenecks, etc. Effective measurement and management Effective measurement and management Errors Errors introduced due to re- keying No re-keying Reduced error rate Metric-driven error management Infrastructure Compatibility 75 legacy systems Middleware service layer API Bridging Common front-end Eliminate GJOW 3270 front-end Common platform for service delivery Business Analyst Role – M odeling/Standardi zation/M ethodology Captures 50% of document rules sets/process flows Captures 85% of document rules sets/process flows Captures 95% of documented rules sets/process flows Total Savings $2,082,000 * * If done under traditional approach to build workflow into JE process, approximately 15 ISD resources are needed
- 14. 13 Appendix – Journal Automation
- 15. 14 JA Usability Feedback from Clients Journal Automation (JA) has been in all UBS branch offices since November 14th, 2006. Based on our polling and service call interactions, the feedback has been very positive. “Great job on the entire system - those words weren't said to earn points. As far as any upgrades we have had recently, I feel this is the most improved of any platforms in our system and was done with the end users in mind.” Robert Cairns, Chicago Branch Office “The “Journal All” [capability] was a great time saving feature.” Marsha Updyke, CSA Omaha Branch Office “[JA is] User friendly, removes all the extra steps necessary to take with GJOW (opening star cases), It's like a one stop shop for journaling! From a management stand point, it's much easier to train new CSA's on this system.” Xandra Burnette, Virginia Beach Branch Office “I LOVE the new journal entry system. I haven't had any problems with it. It makes our job so much easier when it come to processing journals.” Cheri Hubble, Farmington Hills Branch Office “[I] think it's a great system. Very user friendly and a great way to save time. It's exactly what we needed.” Rachelle Zawinsky, Farmington Hills Branch Office
- 16. 15 Journal Automation – Lessons Learned JA initiative had major issues around delivery, cost, and platform stability. Valuable lessons were learned which will be carried forward to the ServiceWorks project. Issues Project management best practices were not followed JA projected positive ROI based on estimated results from Proof of Concept branches but no validation of results were performed during Pilot JA application did not meet scalability and performance targets during early pilot deployment IBM Workflow technology was announced End-of-Life in March 2006 (EOL effective 2010) Schedule slipped by 18 months due to vendor over- commitment, adoption of new technology, and overly optimistic schedule estimates Action Taken Instituted project management process for both business and ISD teams Defined success metrics and operationalized their data collection and reports production for GA rollout Re-architected JA application to leverage mainframe CICS resources Issued RFP to solicit new Workflow technology platform; negotiated $500K credit from IBM for misinformed product recommendation to UBS Re-evaluated and changed people and processes and put in place new project leaders (Business and ISD). Worked with IBM to rectify scalability and production issues
- 17. 16 Journal Automation – Production Usage JA is currently deployed to all UBS branches. To date, we have seen a considerable decrease of journal processing and Home Office approval time. Journal Process Time 0 5 10 15 20 25 Overall M argin CRC Ret. Svcs. Doc. Rev. IS ProcessTime(Hours) STAR JA* Overall, the Home Office journal approval time has gone down significantly The Margin department has seen the largest improvement in journal approval times Note: * JA process time averaged over the period of 7/17/06 to 10/23/06.
- 18. 17 Journal Automation – Production Usage JA Production Volume 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 10/23 10/25 10/27 10/29 10/31 11/2 11/4 11/6 11/8 11/10 11/12 11/14 11/16 11/18 11/20 11/22 11/24 Date NumberofSubmitted Requests/Journals Requests Count Journals Count
- 20. 19 Conceptual Mock-up – Service Request Entry Account information pre-populated Upfront edits, validations and data enrichment Custom form generated based on initial search We envisage replacing STAR with an web-based front-end application that simplifies service request entry through data enrichment and validation.
- 21. 20 Conceptual Mock-up –Worklist One worklist tracks all service request types: Status Request type Easy access to retrieve details ServiceWorks aims to deliver an integrated view of all service requests and their status on a real-time basis.
- 22. 21 Conceptual Mock-up –Approval Screens Approval queues with customized folders Service request approvals to be centrally located and filtered and grouped base on approvers’ entitlements. Data enriched approval screen provides all data needed to make approval decision Standardized actions and approval functionality to quickly obtain SLA statistics Approval data pulled from different systems to provide an integrated view of all information related to the request
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