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3 Ways Bizagi Transforms Wealth Management Organizations

Blog: Bizagi Blog

68% of global wealth managers say that keeping up with new technology is the top challenge that they face, according to the Thomas Reuters report, Digitalization of Wealth Management.

This means being able to connect disparate systems and introduce new technologies to already established workflows without disrupting work in progress.

Bizagi works with wealth management organizations across the
globe to help them integrate with core systems and transform complex
paper-based processes into automated processes that can incorporate the latest

These wealth management organizations include hedge fund administrators,
retirement solution providers and securities firms that provide services in
stocks and futures brokerage. Read on to find out how Bizagi is helping these
businesses thrive in a rapidly changing digital landscape with the help of
digital process automation.

1. Automating processes for the best possible customer service

From account servicing to transfers and account
notifications, customers expect more immediate service than ever before. People expect instant and top-class
service regardless of the industry that they’re dealing with. Yet, as reported
by McKinsey,
“Key processes [in wealth
management] such as account servicing, fund transfers, new account opening and
account transfers are considered cumbersome in comparison with experiences in
other categories like retail, content streaming, and ride sharing.”

Opening new accounts is
particularly pertinent. You only get one chance to make a first impression.
That’s why an efficient onboarding process is crucial. It’s also imperative to
ensuring the information they provide is managed appropriately from the

By automating this
process and engaging the right teams across the business on one secure
platform, customer onboarding time is significantly reduced, delighting
customers while supporting robust internal controls.

A global top 15 hedge fund administrator who worked with Bizagi automated their complex, paper-based financial transfers movement review, and approval transfers process with Bizagi. Digitizing these critical, cross-functional processes generated valuable new customer and account insights across the organization and its 171 worldwide funds. This new timely execution of fund redemption meant they could meet customer service level agreements and significantly improved their customer satisfaction.

2. Creating transparency for business efficiency

The underlying
factor that helps to improve customer experience is having a full view of your
customer data. By ensuring that you unite all your silos and disparate systems,
you can efficiently identify the necessary information to make business
decisions. This efficiency can in turn feed business growth as the organization
standardizes process-driven sales to drive through new business.

Working with Bizagi, a top Chinese securities company significantly decreased the processing time for its credit application process and client fund deposits. The organization created a centralized, process-driven sales portal, which consolidated analytics reports and scattered data. These transparent processes have helped to fuel business growth.

Bizagi Excel connector

is also beneficial when responding to customer requests. Take client
instruction management for example. When a client needs to make a change to
their policy or account, changes need to be made and validated in a timely and
accurate manner, with full transparency and auditability. 

For many of
organizations, these processes are still managed using unstructured
spreadsheets and emails, introducing risk and making the process difficult to
track. By automating this process, organizations are accelerating changes,
increasing accuracy and reducing risk.

3. Mitigating risk and increasing compliance

​“As legislation becomes law, asset managers may find themselves consistently on the high end of the regulatory risk spectrum,” reports Deloitte. Having a mechanism to track and measure risk is essential. Even if it’s something as small as an anomaly on a client account, it’s vital to the reputation of the business that the incident is reported immediately.

By escalating incidents in a digital platform, organizations can accelerate response times and minimize the potential risks to their clients. With Bizagi customers create and optimize agile incident processes that are built for the way they do business.

mitigation was a key driver for a global professional services firm working
with Bizagi as they looked to optimize their trading request system to manage subscriptions
and redemptions of pension funds. Integrating with their core systems,
including Eagle and Salesforce, Bizagi helped to provide more control and
visibility over a process that was previously being conducted using insecure
emails and spreadsheets.

Process automation not only helped to cut the process time in half but also ensured that cash flow went to the correct recipient. Additional benefits include the auto-population of data, which saves times for employees and further reduces the risk of error.

Find out more…

If you would like to find out more about how Bizagi can help you provide best-in-class experiences for wealth managers and their customers, please visit our Financial Services page.

The post 3 Ways Bizagi Transforms Wealth Management Organizations appeared first on Bizagi Blog – Ideas for Delivering Digital Transformation.

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