Case Study

Improving financial advisor productivity with Intelligent Operations


A leading global investment bank

  • Facebook
  • Twitter
  • Linkedin
  • Email

Business need addressed:

Consolidated operating foundation grown through organic and inorganic activities to enhance financial advisor productivity, customer satisfaction, and growth

Genpact solution:

Technology enabled solution that consolidated campaign management and financial advisor (FA) tools while streamlining client reporting

Business impact:

Optimization and consolidation of globally distributed client-facing teams and simplified reporting processes led to millions in cost reductions. A centralized database, providing FAs with more accurate and timely customer data, helped improve customer retention and increase per-advisor revenue.

A leading global investment bank partnered with Genpact to transform and run their wealth management support operations using better technology, processes, and organizational design. By moving to a centralized platform and more efficiently capturing and disseminating data to the firm’s FAs, the bank was able to convert its data to actionable insights, ultimately leading to more effective customer engagement.

Business challenge

Sophisticated customer demands, combined with a lack of integrated data, were leading to high operating costs and sub-optimal financial advisor productivity

The wealth management industry continues to expand as an increasing number of high-net-worth individuals (HNWIs) seek access to sophisticated financial advice services, presenting wealth managers with new market demand as well as new challenges. In an effort to capitalize on this growing opportunity, a leading global bank aggressively expanded its wealth management footprint through multiple acquisitions to emerge as one of the largest wealth managers in the world. However, in order to continue growing the business and meet new customer expectations, the firm needed to adopt new technologies and solutions that would enable its FAs to better nurture their relationships while also catering to the transparency and self-servicing requirements of many of their customers.

Take a copy for yourself

Download PDF

To address these needs in a scalable and transparent fashion, the firm decided to overhaul their wealth management operations, focusing on a handful of business outcomes-promoting advisor productivity,customer satisfaction, and demand generation, while moving towards an optimal cost-to-income ratio.

Advisor productivity: The firm lacked a centralized data repository for customer information, which slowed business growth and created higher operating costs. Because of the large number of products and services offered by the bank and the absence of a central information repository, financial advisors were spending too much time trying to identify customer needs in order to offer relevant solutions. The lack of integrated data led to inefficient marketing campaigns, a higher risk of rescindable trades, and potential compliance issues for customers with concentrated securities positions. In addition, the manual checks done on research report disclosures by the FAs covered just 1 percent of all reports issued, increasing the potential for additional disclosure issues.

Customer satisfaction: Access to timely and accurate information on investment portfolios is a key driver of customer satisfaction. For the firm, this meant maintaining consistent data across multiple delivery mechanisms, such as statements, regular and ad-hoc client reports, and performance reports. However, multiple applications performing the same function were creating data redundancies, which impaired both the quality and speed of information. The move from “trust” to “trust but verify” for both client and firm posed a challenge to somewhat inflexible operations and reporting platforms.

Demand generation: The bank needed to develop new revenue streams, but was hampered by a limited ability to analyze data in order to discover business patterns, identify market trends, and generate insight on customer relationships across the portfolio. At the root of the problem was siloed data.

Genpact solution

The solution was designed to tightly align with the firm’s desired business outcomes in order to minimize change management in unnecessary areas. It was developed using a holistic front-to-back approach to wealth management operations processes; it was designed to take advantage of the related Data-to-Insight-to-Action arc (Figure 1). Designing and optimizing the end-to-end process, as opposed to taking a piecemeal approach, enabled the delivery team to build and adapt the solution based on continuous learning derived from the Data-to-ActionSM feedback loop. This led to the collection and use of more meaningful data, which eventually provided better insights into customer needs and preferences.

A. Data-to-Insight: Measure, consolidate and report to enhance visibility

Measure and consolidate
Several key indicators for tracking the efficiency of client reporting and other processes were identified. However, the data required to measure them resided across many disparate systems. As a result, the solution gave significant attention to the consolidation of campaign management platforms, FA tools, and customer data.

  • Campaign management platforms: A centralized system was created to manage new as well as trigger-based prospecting campaigns; to address customer delivery preferences (electronic or hard copy); to reengage registered users and more effectively market products; and to distribute updates related to changes in risk and compliance initiatives
  • FA tools: Multiple applications were consolidated into a single portal with single sign-on capability and a common user interface, simplifying navigation and reducing ramp-up time for new hires. Additionally, telephone integration with the FA desktop made client details readily available on the screen during client interactions, facilitating more effective collaboration
  • Customer data: An application for customer asset aggregation was created to provide a comprehensive view of all the assets held by customers, at the same time enabling the FAs to give better advice and recommendations. Because data aggregation had to occur across multiple sources and formats, managing data quality was critical

Reporting and analysis
Integrating multiple applications enhanced performance reporting and facilitated a more consistent flow of information to clients eager for timelier data and greater transparency. This consolidated performance reporting also ensured that customers and advisors saw the same data, thereby eliminating the possibility of future settlements or other timing-related inconsistencies.

A business intelligence and reporting solution was also designed to provide industry and bespoke reporting on performance, activity, and profit/loss analysis. This solution was further integrated with several other applications to provide holistic reporting and dashboard capabilities across the wealth management business. These reports led to immediate changes in execution strategies, and going forward they will continue to give business leaders the insight required to course-correct their strategies as new data becomes available and is analyzed.

B. Insight-to-Action: Steering effectiveness and executing at scale

Execute and Scale through Managed Services and Automation
As part of the solution, the client modified several aspects of the operating model to incorporate managed services, which substantially reduced the total cost of ownership for the business. A managed services SLA framework was created to ensure that the operating model would continue to meet desired business outcomes in the future.

Clear parameters helped determined the scope of managed services. Leveraging a robust transformation methodology, a managed services transition framework was created specifically for application support services, which ensured timely and effective change management.

In addition, the contact management system was integrated with key FA tools to enhance client interactions and consolidate information. This consolidated information was made automatically available on the advisors’ mail system and mobile devices, enhancing their ability to create meaningful customer interactions.

Finally, an application was developed to enable product managers to select criteria, such as client net worth, account balance, and account portfolio composition, by which to segment customers and more effectively target promotional activity.

Business impact

  • Upfront cost savings of 10% through the use of managed services
  • Improved overall reporting efficiency by 30% through consolidation of performance and client reporting applications
  • Increased research report disclosure coverage—from 1% to 100%—utilizing automation to streamline processing and reduce wait time
  • Reduced reporting delays related to double tax treaty requirements by 50% through the elimination of non-value-added monitoring efforts
  • Improved overall performance, increased accuracy of results, and eliminated intra-day job downtime via implementation of DB optimizations in delivery tracker

These intelligent operations are able to sense, act, and continuously learn from their results. By surfacing and analyzing targeted data, they not only build actionable insights, but deliver that insight as executions using focused technologies that can enhance the competitiveness of any wealth management business.

Visit our capital markets page

Learn More