Case Study
Automating document preparation steps for opening new client accounts
Results
10Khrs
10,000+ hours saved annually
CX
Faster, easier customer experience
Better
Better data quality
Company Profile
Canadian financial-services firm exclusively serving physicians, dentists, medical residents, and their families, provides wealth management, investment advisory, banking, insurance, and tax/estate planning. Operates under endorsement from a major Canadian medical association as the financial wellness arm for its members. Wholly-owned subsidiary of one of Canada’s largest national banks.
Challenge
Wealth managers enroll 500+ customers weekly into financial products and services. The account opening process entails multiple interactions between the customer and team members where needed documentation is requested and/or reviewed. Follow-up conversations for additional information are not uncommon. Resourcing delays and data quality concerns frustrated customers. Leadership sought to streamline the data flow between stakeholders and control the data quality review process to alleviate issues.
Solution
Automation is a multi-instance process workflow that provides virtual workers to help during high volume periods. The automation retrieves customer and reference data from the company’s database and CRM applications. It then uses externalized business rules to enrich the data and pre-populate the account opening documents including identifying missing data to be addressed by the customer success team. Process logic also prepares exception reports for the business team and confirms successful completion.
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