Wealth managers get same day account opening
Industry : Banking & Finance
Company Profile
Super-regional financial services company serving individuals, small businesses, commercial, and wealth management clients, operating in Midwest and western United States as subsidiary of global mega-bank.
Scope Highlights
- Account opening and maintenance
- Appian
- TrustDesk
- Business rules engine
- Robotic Process Automation (RPA)
Challenge
Wealth Management Group regularly sets up new global investment and fiduciary accounts for their high net worth clients. However, the existing manual process that required redundant data entry was inefficient and had long handling times. This group sought a quicker and less error-prone way to set up new accounts.
Solution
Automation eliminated manual data-entry between Appian and TrustDesk, including:
- Retrieving/updating account opening requests from Appian case management
- Setting up and updating customer name/address, including duplicate checks
- Setting up relationship information including primary account owner and beneficiaries
- Setting up new accounts using TrustDesk templates and linking accounts to clients
- Preparing audit report confirming successful completion