WEALTH MANAGEMENT FIRM REDUCED ITS COSTS BY UP TO 40 PERCENT WITH APPIAN BPM 7.x, 16.x

CLIENT

As a leading, US-based, wealth management company and bank, the client wanted to transform its legacy system. It wanted to install a next-generation system that would meet the growing needs of the business in the digital age and enable it to move forward effectively.

BUSINESS CHALLENGE

The client was facing difficulties such as low process efficiency, negative customer experience, and a high cost of processes. It wanted to initiate a private wealth management (PWM) workflow to capture the customer details for opening the PWM account (IRA, traditional IRA, etc.).

SOLUTION

Mphasis was called in to create a solution that could be initiated, processed, and completed from all platforms (mobile, tablet, and desktop, etc.). We used our Appian BPM 7.x and 16.x capabilities to:

• Initiate a PWM workflow from all platforms (mobile, tablet, cloud. etc.) for opening PWM accounts (IRA, traditional IRA)

• Generate PDF forms from the PDF template based on user input form trigger condition

• Automate assignments of user input tasks to a specific group of users based on business requirements

• Send e-mails to users as per requirements

• Integrate Appian with TIBCO via web service calls to retrieve and send business-related information

• Initiate implementation of happy path workflows with placeholders for complex logic and integration

• Use Agile methodology, i.e., Appian STAR Methodology, for a quick turnaround and cost optimization

BENEFITS

By using Appian BPM, we helped the client:

• Reduce cost by up to 40 percent

• Improve customer satisfaction

• Automate the manual account opening process

• Automate PDF generation based on the keyed-in input