Our client was managing 55,000 accounts across 300 different financial institutions. All of them had different data, formats, and architecture that didn't get along.
Without the technology to aggregate, extract, and process data from electronic and paper-based 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.
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 multiple asset and transaction types added complexity.
Updating systems of record took far too long, and the team had little time to share insights. 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, making it hard to maintain service levels and meet customer need.