Increasing productivity and reducing risk with intelligent automation

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.”

50%

increase in applications processed

6,000+

onboardings per month

500+

reams of paper saved yearly

Company
MMC
Website
Industry
Financial Services
Country
Capabilities Used
K2 Software

Who they are

MMC provides investment administration services for 29 investment managers and product providers, and more than 70 groups of investment professionals with funds under administration in excess of NZ$85 billion.

What they needed

MMC’s handwritten application process for onboarding was causing major bottlenecks for thousands of clients.

How they did it

Using Nintex K2 Cloud, MMC created a fully automated onboarding solution that combines custom UI and a task-oriented process to accelerate client onboarding

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 K2 Software 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.
Using RPA combined with K2 Software has opened the possibilities around streamlining and improving mundane processes throughout the company.
Craig Richardson, CIO, MMC
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