Transforming Stakeholder On-Boarding for a Financial Services Leader
Overview.
The client, an asset management company with over 40 years of experience, specializes in retirement services and investments. Operating in a complex industry, they faced challenges related to stakeholder onboarding. These included disparate systems, numerous tasks, and unique requirements for different asset classes and strategies. The case study aims to showcase how our solution transformed stakeholder onboarding, addressing these intricate business challenges.
Lack of a centralized mechanism for onboarding new customers. 17 separate departments used 20 different systems and over 170 different tasks
With over 500 emails per stakeholder onboarding, employees had to go through a large amount of data, making it time consuming to track activities, departmental owners, and tasks
A unique set of requirements based on a combination of Asset Classes, Strategy & Share Class to which a customer has to be on-boarded
The onboarding processes were not scalable. Coding, development, and testing were required to roll-out new strategies/service offerings to the customer
The onboarding processes were collaborative leading to missed deadlines and non-compliance, with no system driven SLAs.
Solution.
We have used our award winning Stakeholder Onboarding Framework which leverages Appian’s Enterprise Application Platform to streamline, accelerate and enhance stakeholders' digital onboarding experience. The framework utilizes the power of the Appian workflow engine to ensure smooth configurable workflow and rules that enable business users to navigate through the onboarding journey with ease.
A 26-week project using an iterative (Agile) methodology to configure all the existing client strategies
Customization of the iCOB framework to collect customer and fund data
Enhancements to the framework to:
Configure and automatically trigger tasks based on data collected during onboarding
Automatically compute expected and actual funding dates based on SLAs
Define dependencies between tasks
Prioritize tasks to achieve the funding dates
The Impact.
50%
Reduction in software development time because of the ability to add new Asset Classes and Strategies, by configuration rather than coding
20%
Improvement in transparency and operational efficiency because of System driven SLAs, Approvals, Tasks, and Data Collection sections.
80%
Improvement in operational and regulatory compliance by automatic triggering of tasks based on customer data
Automation of the onboarding process for all the existing combinations of Vehicle Types/Asset Classes and Strategies
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