3 Ways Bizagi Transforms Wealth Management Organizations


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 technologies. 

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 ensure the information they provide is managed appropriately from the beginning. 

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.

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Transparency 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 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.

Risk 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 time 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 in financial services, download our whitepaper, ‘Harnessing Digital Process Automation to Drive  Transformation in Financial Services.’

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