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Case Study

Wealth management group achieves same-day account opening and saves 6k+ hours annually

Home » Resources » Case Studies » Wealth management group achieves same-day account opening and saves 6k+ hours annually

Industry

Function

Topic

Results

6K+hrs

6,000+ hours saved annually

Speed

Same day account opening

100%

100% reduction in data-entry errors

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.

Challenge

Manual data entry slows new account opening process

This wealth management group regularly sets up new global investment and fiduciary accounts for their high-net-worth clients. However, the existing process for opening new accounts was highly dependent on manual data entry. This process was inefficient, prone to human error, and led to long handling times.

Leadership sought a quicker and less error-prone solution for setting up new accounts.

Solution

Automation solution eliminates manual data entry

The automation solution eliminated manual data entry from the account opening process. The automation was able to:

– Retrieve and update account opening requests from the case management system
– Set and update customer details and check for duplicate entries
– Set up relationship information including primary account owner and beneficiaries
– Open new accounts using system templates and link accounts to clients
– Prepare audit reports confirming successful completion

The automation enabled same-day account opening by reducing cycle time. It also reduced data entry errors by 100% and saved the wealth management group over 6,000 hours per year.

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