MMC’s handwritten application process for onboarding investment clients was causing major bottlenecks. With thousands of clients going through the process every month, it was difficult to track issues and introduced a significant amount of risk.
According to MMC’s CIO, Craig Richardson, it was critical they find a new solution. “A change was needed to not only streamline the onboarding process but also to reduce risk and waste, as well as improving overall auditability. Dealing with external systems to retrieve data meant double handling of material from a user’s perspective, and introduced risk and training issues due to the number of systems we integrate with.”
Streamlining client onboarding
Challenge: Inefficient client onboarding
MMC’s handwritten application process for onboarding investment clients was causing major bottlenecks. With thousands of clients going through the process every month, it was difficult to track issues and introduced a significant amount of risk.
According to MMC’s CIO, Craig Richardson, it was critical they find a new solution. “A change was needed to not only streamline the onboarding process but also to reduce risk and waste, as well as improving overall auditability. Dealing with external systems to retrieve data meant double handling of material from a user’s perspective, and introduced risk and training issues due to the number of systems we integrate with.”
Solution: Fully automated onboarding
MMC created a fully automated onboarding solution that combines custom UI and a task-oriented process built with Nintex Automation K2 along with a Blue Prism-based bot to automate the task of getting data out of Salesforce and into a workflow process. ABBYY’s Content IQ solution provides additional document scraping and analysis capabilities.
What was first seen as a proof of concept for MMC quickly turned in to a critical piece of infrastructure that enabled scalability. The results were instant—with a sudden increase in the number of applications the team could onboard, sometimes even clearing the applicant queue way ahead of schedule. “In the first week of implementation, we processed a record number of applicants with half of the team away sick,” said Scott McKelvie, Head of Registry at MMC.
The project was an outstanding success for MMC, enabling:
- Increased throughput of applications by 50% within the first week.
- Elimination of paper, saving over 2 reams every day.
- 2 FTE to be freed up to work on efficiencies in other parts of the onboarding and registry process.
- A significant reduction in the training requirement for new staff as the BPM tool ensures the correct process is followed within the single application.
