Innovation for a Better Client Experience and Operations
Are you struggling to keep up with the client onboarding process? A seamless client experience is crucial to remain competitive; a streamlined customer journey is not only more efficient from a business perspective; it is the only way to win new clients and retain existing ones. Client experience has become a top strategic priority for wealth management firms.
This blog will discuss the client experience starting with opening an account, on-going client account maintenance and how better managing client files will streamlining operations. To make that experience exceptional an automated process is the key. Eliminating paper using AMI’s paperless solutions for wealth management will enhance the client experience and reduce costs.
Opening and maintaining client accounts requires filling out a never-ending stream of forms, with much of the information being redundant. It’s a lengthy process, and prone to errors. You can eliminate errors and delays and your shrink processing times from days to minutes by going paperless.
How is this done?
AMI’s Document Management Solution (DMS) enables an end-to-end digital process by first capturing and storing documents electronically, eliminating the need for paper forms and manual verification. Once stored, employees gain instant access to the information they need, when they need it.
Going paperless allows all the forms you use along with existing client data from your CRM or Wealth Management Software Systems to be uploaded into AMI’s DMS. When you enter the client information it automatically populates the relevant forms, eliminating the need to type client information into multiple forms.
In addition to acquiring and serving clients, wealth and relationship managers typically take on burdensome administrative tasks such as account openings, transactions and payments. Client onboarding that relies on paper-based forms is an inconvenient and unpleasant chore, involving repetitive data entry and extensive paperwork with much of the data collected aimed at meeting compliance needs.
Workflow automatically routes tasks, like the need to fix incomplete documentation and alerts staff when they need to take action, ensuring processes are completed quickly and accurately. Items that do not require staff interaction route straight through for processing.
A strategic workflow solution can then route documents, document packages and information to the most appropriate employee or approver, greatly reducing process errors for not in good order (NIGO) and in good order (IGO) review.
Using electronic processing, new account paperwork can be electronically signed, recorded, processed, confirmed, tracked, and transmitted all within minutes.
Eliminate Security Risks and Compliance Issues
The documents captured by a content services platform are automatically classified, which gives you the ability to apply security, access and retention policies to documents, while accurately gathering data. This ensures greater security by allowing:
Version control – Ensures that the right version of a document is processed or produced during eDiscovery
Records and retention management – Automates the process of declaring documents as records, placing holds and performing retention tasks like automatic deletion or archival
Encrypted Disk Groups provides an additional layer of security for content stored in OnBase. Documents are automatically AES 256-bit encrypted, one of the most difficult ciphers to crack, as they are imported, becoming indecipherable when retrieved outside of the system. Even within OnBase, files are accessible only to users with the right permissions, further decreasing risk of exposure.
When you’re face to face with an SEC, FINRA, or state audit, a good DMS solution makes the process faster and simpler.
Document Management Systems are designed to make document retrieval easy. When an auditor asks for a specific document, you can search for it and pull it up instantly. Employees no longer need to spend their valuable time in the file room. Instead, they just deliver a complete package of digital documents to the auditor.
By removing manual operations from the audit process, paperless wealth management firms have been able to significantly speed up audits and reduce business disruptions.
In addition, paperless systems give advisors more visibility into the status of their business, greatly reducing the amount of phone calls coming from the field.
Manually opening an account involves a massive internal workflow to verify, store and update clients’ information. Digitizing client files significantly reduces the length of the process. Digital processes also allow information to be verified automatically, which reduces compliance costs.
A robust content services platform addresses the problems highlighted in the previous sections, including inefficient workflows, administrative burden and siloed data in disparate systems. A good DMS enables an end-to-end digital process by first capturing and storing documents electronically, eliminating the need for paper forms and manual verification. Once stored, employees gain instant access to the information they need, when they need it.
Shifting to a paperless office also helps firms allocate resources more effectively. Administrative staff who currently spend a large portion of their time printing, copying, filing, or faxing documents can be reduced or shifted to revenue-driving roles.
Reduce SLA Timing
The right DMS reduces, and sometimes eliminates, the need for human interaction during back-office processes. By reducing the need to search for client information in multiple systems, wealth management organizations can eliminate those costs. Users can follow SLAs in real-time, and provide feedback to clients on the fly anytime anywhere.