Case Study

A global wealth management firm leverages artificial intelligence to improve efficiency by 75%

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Client: A wealth management company

Business need addressed: 

  • Multiple fragmented data collection and tracking processes and technology solutions, resulting in inaccurate billing and reporting of client's assets
  • Expensive, non-scalable and error- prone reporting techniques
  • Disparate data sources and formats hamstrung analysis, and negatively impacted customer satisfaction
  • The 45 day end-of-quarter reporting cycle needed to move faster

Genpact Solution: 

  • A scalable and flexible solution that rapidly extracts, aggregates, normalizes and analyzes data from multiple sources on a real-time basis
  • Implemented a dynamic framework for on-demand performance reporting and an enterprise dashboard view for each line of business

Impact:

  • Gave clients an on-demand, holistic portfolio view that included outside assets
  • Gave managers a complete view at the enterprise, FA, and client level that included daily transaction data
  • Enabled dynamic and on-demand reporting and real-time portfolio monitoring
  • Served as an enterprise-wide aggregation and reporting solution
  • Operational efficiency improved to 75%

A global wealth management firm wanted to analyze and report real-time information on customer assets, but was hobbled by fragmented data collection and tracking processes. The firm addressed these challenges by using digital and automation tools to effectively transform their master data management process, thereby improving process efficiency, turnaround time, customer satisfaction, and overall growth.


Business Challenge

The firm's end-to-end performance reporting system (from data sourcing, aggregation, performance calculations, updating systems of record, to providing insightful reporting) had become a significant detractor in the eyes of its financial advisor (FA) community and its customers. In an attempt to maintain service levels and meet customer needs, FAs were spending disproportionate amounts of time trying to cover for system and process gaps, as opposed to directing their efforts to value-added analysis and engaging with the customer.

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In the absence of suitable technology solutions to aggregate, extract, and process data from electronic and paper financial statements, this firm defaulted to a manual approach which resulted in the inaccurate billing and reporting of customer assets. Disparate data sources and formats took a long time to process and analyze, and slowed down the reporting process. This process was further complicated by the involvement of four entities (two external partners, an internal analysts team and the financial advisors) all operating an end-to-end process on a fragmented architecture.

Major challenges

  • Inaccurate billing and reporting of client's assets, due to fragmented data collection and tracking processes
  • Expensive, non-scalable, and error- prone reporting techniques
  • Data from disparate data sources and formats, making information processing and analysis a difficult and time-consuming process for the existing system

Genpact Solution

Bringing information across all custodians for all customer segments, on to a single platform in a sustainable manner was the first major hurdle. The ability to offer tailored services and analytics for internal and external consumers from the same technology platform would address most of the challenges being faced by the firm.

Over a 90 day implementation, Genpact's aggregation and performance reporting solution helped the wealth manager improve overall efficiency by harnessing machine learning and automation in three key areas: extraction of information from the documents, normalization of the extracted data to the desired template, and analysis of the normalized data. This helped streamline the end-to-end process from sourcing to reporting with the following key features:

  • Automated multi-custodial data-aggregation solution, capable of rapidly extracting, aggregating, normalizing and analyzing data from multiple sources on a real-time basis
  • The Genpact LiveWealth dynamic solution ensured on-demand performance reporting and enterprise dashboard view for each line of business
  • Consumer bureau aggregation for extracting liabilities and constructing balance sheets
  • Highly flexible asset classification schemas and on-demand reporting
  • Analysis and reports personalized to management, FA's, and customers

Figure 1: A schematic of the automated aggregation solution

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Business Impact

  • Provided an on-demand, holistic portfolio view that included outside assets and was reported at the enterprise, FA and customer level
  • Dynamic and customizable reporting to enable continuous re-configuration and personalization for advisors and customers
  • Provided on-demand quarterly reporting for customers
  • Compliance institutionalized via common enterprise wide aggregation and reporting
  • 75% Operational efficiency achieved
  • Introduced real time portfolio monitoring
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