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Transforming Customer On-Boarding for a Financial Services Leader

Transforming Customer On-Boarding for a Financial Services Leader

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Transforming Customer On-Boarding for a Financial Services Leader

Synopsis

The client, an asset management company and a leader in retirement services and investemnts, was looking for a centralized mechanism for on-boarding new customers.

About the Client

Voya Investment Management is the asset management arm of Voya Financial, a leader in retirement services and investing. Our investment platform has been carefully built to help meet the long-term needs and goals of our clients. Voya Investment Management (Voya IM) is a leading active asset management firm. With more than 40 years of experience and an ongoing commitment to reliable investing, Voya IM has the resources and expertise to help long-term investors achieve strong investment results.

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Business Challenge

  • A lack of a centralized mechanism for on-boarding new customers. 17 separate departments used 20 different systems and over 170 different tasks
  • Over 500 emails per customer on-boarding, employees had to go through large amount of data, making it time consuming to track activities, departmental owners and tasks
  • A unique set of requirements based on a combination of Asset Classes, Strategy & Share Class to which a customer has to be on-boarded
  • The on-boarding processes were not scalable. Coding, development and testing was required to roll-out new strategies/service offerings to the customer
  • The on-boarding processes were collaborative leading to missed deadlines and non-compliance, with no system driven SLAs.

Our Solution

We have used our award winning Customer On-boarding Framework which leverages Appian’s Enterprise Application Platform to streamline, accelerate and enhance customers' digital on-boarding experience. The framework utilizes the power of the Appian workflow engine to ensure smooth configurable workflow and rules that enable business users to navigate through the on-boarding journey with ease.

  • A 26-week project using an iterative (Agile) methodology to configure all the existing Voya strategies
  • Customization of the iCOB framework to collect customer and fund data
  • Enhancements to the framework to:
    • Configure and automatically trigger tasks based on data collected during on-boarding
    • Automatically compute expected and actual funding dates based on SLAs
    • Define dependencies between tasks
    • Prioritize tasks to achieve the funding dates

Delivering More Value

  • Automation of the on-boarding process for all the existing combinations of Vehicle Types/Asset Classes and Strategies
  • The ability to add new Asset Classes and Strategies, by configuration rather than coding, reducing the software development time by 50%
  • System driven SLAs, Approvals, Tasks and Data Collection sections have improved transparency and operational efficiency by 20%
  • Tasks are triggered automatically based on customer data, which has improved operational and regulatory compliance by over 80%