A global financial services firm grows assets under management by 50% annually

A Fortune 100 financial services firm was planning to enter the mass market for fee-based wealth management services. This business expansion required that the firm improve its overall process efficiency—especially with regard to customers and operations—and centralize its processes, which would enable the bank to achieve challenging growth and profitability targets. Genpact implemented a unified wealth management technology solution to streamline processes, improve efficiency, and promote a harmonized operating model that enhances advisor productivity.

Like most global financial services firms, the client wanted to realign its business model and processes for opportunities resulting from structural changes in the market. This Fortune 100 firm was planning to monetize the vast opportunity in fee-based wealth management; however, there were a few key challenges to address first in order to embark on this expansion, including:

Disparate systems and processes- Distributed operations had their own set of processes and technology that was proving increasing costly and resource-intensive to manage. The resulting technology silos hindered the firm’s ability to take advantage of synergies between lines of business.

Aging platforms and legacy technology- Multiple aging platforms supporting various products spread across locations contributed to data inconsistency and created a highly inefficient operating environment. Outdated applications also made it difficult for the company to introduce new products, which hampered sales productivity and revenue growth. Moreover, the legacy systems were inefficient for meeting the dual challenge of scaling up and tightening cost controls.

Lack of centralized risk monitoring and management capabilities- Disparate systems and processes meant an absence of centralized risk management capabilities. The client was unable to accurately assess, efficiently monitor, or effectively manage risks.

Suboptimal advisor productivity- Lack of proper support tools and the absence of centralized systems made access to data as well as report-creation challenging. Gathering and presenting the right information to customers was time-consuming and hurt advisors’ productivity.

Inadequate controls- Home office did not have an easy solution to set guardrails and entitlements, which further increased the client’s risk exposure.

The bank partnered with Genpact to address these challenges and transform their wealth management using better technology and processes.

Genpact leveraged its proprietary wealth management platform OpenWealth® to provide a scalable customer-centric solution and enable the Fortune 100 financial services firm to deliver holistic and integrated services to customers.

The solution was designed to tightly align with the firm’s desired business outcomes and optimize end- to-end processes. It features a single framework for multiple managed-account programs and is highly configurable to support all asset types and products. Coupled with Genpact expertise, this integrated solution set offers the following:

• Consolidation of legacy systems
• Single integrated open architecture solution with flexible custodial and brokerage connectivity enabling rapid growth
• End-to-end functionality on a single platform that streamlines processes and expands advisor and operational capacity
• Highly scalable platform that is able to accommodate virtually limitless AUM, accounts, and transaction volumes
• Web-based, end-to-end, managed account solution and workflow automation
• Centralized control for enhanced risk management and automated compliance oversight

The unified wealth management solution helped the Fortune 100 financial services firm realize the following benefits:

• The firm lowered its total operating costs while also improving its staff onboarding processes. As a result, it was able to add multiple teams and double its AUM within one year
• Enhanced managed account capabilities- The solution provided advisors with the end-to-end capabilities needed to manage the entire investor lifecycle, convert new and existing clients from bespoke wealth portfolios, and grow AUM by more than 50+% YoY with over $16 billion in assets serviced and growing
• Improved ability to identify risk- Streamlined operations enhanced risk management and enabled alert-based compliance monitoring across all advisor activities
• Enabled the firm to attract and retain talent- The firm more than doubled the size of its advisor force in four years