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Wealth Management Company Profits From Secure, High-touch Communications
The Challenge
Streamline an aging data warehouse.
The Company
A venerable wealth management company providing personal and business deposit products, private banking and investment advisory services to high–net–worth individuals, families and private businesses.
The Story
The firm turned to Pitney Bowes Group 1 Software for more secure and personal contact with its customers. The bank’s legacy information systems had made it increasingly difficult to provide the level of service its long-term customers expected. Reporting formats and processes were inconsistent and often incompatible, and once-rare statement errors and customer complaints were increasing. Group 1’s Data Flow™ solution enabled it to continue running its wealth management business in an “old fashioned, personal way” but with the latest technology benefits.
The Benefits
Clean, Accessible Customer Records
Group 1 technology helped to transform a confusing jumble of disparate data systems into a cohesive, robust solution that powers a wide range of business intelligence activities. Relationship managers now have fast access to the consolidated information they need to best service their clients.
Ease of Compliance
Faster and easier access to account information also enables the firm to more easily and cost-effectively comply with Sarbanes Oxley and Homeland Security requirements.
Security
Data quality and accuracy enabled the bank to maintain maximum levels of account integrity and customer privacy.
Cost-Effective IT System
Greater automation and streamlined operations have also helped keep information technology costs low. For instance, the bank estimates its load-and-validation process has been reduced from two to three person-hours a day to just ten minutes. And while the business has grown, it has done so without adding IT staff.