Case Study: Wealth managers get same day account opening

Client 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

Results

6,000+ hours saved annually

Reduced cycle time enabling same-day account opening

100% reduction in data-entry errors