Case Study

Wealth managers take their business to the next level

With real-time reporting and off-the-charts operational efficiency

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Who we worked with

A leading global financial services firm with trillions in wealth management client assets.

What the company needed

It wanted to fully automate the collection and processing of held away investment assets of institutional and private banking clients. Its goal was to analyze and report real-time information on customer assets, become more efficient, speed up turnaround time, delight customers, and grow.

How we helped

Genpact’s Cora LiveWealth gave the company holistic, comprehensive, realtime reporting with analytics tailor-made for each client. This scalable, agile solution rapidly extracts, aggregates, normalizes, and analyzes data from a variety of sources.

What the company got

The company upped its game by freeing financial advisors to do what they do best — provide nuanced analyses to their clients. It improved customer satisfaction by making detailed performance reporting available on demand. The firm got an automated, holistic view of their clients’ total assets under management — and a 75% improvement in operational efficiency.

Without the technology to aggregate, extract, and process data from electronic and paperbased financial statements, the firm was forced to manually input data. That was expensive — and worse, it led to mistakes in billing and customer performance reporting. Data sources and formats of all kinds took a long time to process and analyze, too, which slowed down reporting. To further complicate the process, four separate entities — two external partners, a team of internal analysts, and the financial advisors themselves — were working on fragmented architecture.

Challenge

55000 accounts across 300 different financial institutions with data, formats, and architecture that didn’t get along

The firm’s financial advisors weren’t happy with the company’s end-to-end performance reporting system—and neither were its customers. Data sourcing, aggregation, and performance calculations were sub-par, and complexity of multiple asset and transaction types made it worse.

Updating systems of record took far too long, and the team had little time to share insights. While trying to maintain service levels and meet customer needs, financial advisors had to spend too much time covering for system and process gaps. That left little opportunity to engage with customers and provide value-added analysis.

Solution

Organize, synthesize, and normalize

The first step was to create a single platform with information on all customer segments that everyone had access to. That way, the firm could tailor services and analytics to its own team—and to its customers.

We rolled out the new aggregation and performance reporting tools over a 90-day period. Cora LiveWealth, powered by the Genpact Cora AI-based platform, made this quick turnaround possible. The product automated and streamlined three key areas: data extraction, data normalization, and data analysis. The result:

  • On-demand performance reporting became possible
  • The product created enterprise dashboards across business lines
  • The firm could now aggregate consumer bureau information to isolate liabilities and build balance sheets
  • The application produced highly flexible asset classification schemas
  • The product analyzed data to deliver personalized reports to management, financial advisors, and customers
  • Operational efficiency improved by 75%

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Figure 1: A schematic of the automated aggregation product developed on the Genpact Cora platform

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Impact

An orderly operation across the enterprise, more satisfied advisors, and happier customers

Other benefits the company—and its customers—enjoyed:

  • Advisors got a 360-degree view of their clients’ total assets under management, including outside assets. Managers saw a complete view at the enterprise, advisor, and client level, including daily transaction data
  • Dynamic custom reports meant the firm could regularly update and personalize reporting for advisors and customers
  • Enterprise-wide aggregation and reporting made compliance easier and improved operational efficiency by 75%
  • Clients got a personalized, on-demand, and complete portfolio view that included outside assets

Now that the company’s reporting is up to speed, it can take business to the next level.

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