MMC onboard new clients with 100% accuracy using intelligent automation

“We used to need multiple people dealing with the applications to get through the volume we were sent each day. Once we had Blue Prism in place, one person might get through everything before the end of the day. This not only provided opportunities for more interesting tasks that helped to further enhance the overall investment experience, but also improved the morale within the team.”

Sarah Cremeans, Developer, MMC

Digital workers making an impact

Overview

MMC have provided outsourced investment administration services to New Zealand’s investment sector since 2005. We are continuously investing in improving our proprietary technology and processing capabilities to deliver more value to our clients. MMC also work with the wider ecosystem to further enhance our fund and wealth administration services. We have been fortunate to collaborate with Blue Prism, a world leading provider of intelligent automation that leverage robotic processing to equip their digital workforce, and Q4, a consultancy firm specializing in adopting a digital workforce strategy.

This story highlights how the automation of one of our many processing flows resulted in multiple benefits to our investment management clients, their end-investors, as well as to MMC’s own organisation.

Onboarding new investors

Servicing a diverse client portfolio, MMC facilitate the onboarding of new investors using both handwritten and digital applications through various third-party platforms. Regardless of format, all applications required a manual review process involving printing, signing, and scanning physical documents. Applications could often exceed 2,000 per month. MMC needed a more efficient way to manage the onboarding process, which they found when we adopted intelligent automation.

Challenge

We are a service-led business; operating under the mantra of “earning trust daily.” Continuously looking for ways to bring further efficiencies into our operations, we were reviewing our process of managing investor applications.

Investors and KiwiSaver members would forward their applications via our clients in any format they chose, which included everything from various third-party digital platforms and CRM systems to handwritten forms. The number of applications received averaged around 100 a day, with peaks of 300. Each application generated between 6 – 10 pages, which could result in over 1,000 pages having to be manually printed and scanned every day. Unsurprisingly, the situation was causing serious bottlenecks, which were overcome by employees working late nights and weekends. Committed to maintaining our high levels of client services, we needed a smarter and more efficient way to onboard the applications.

Solution

We investigated the option of leveraging Blue Prism digital workers to act as a two-way transport layer between our clients’ in-house platforms and MMC’s own systems that provide streamlined digital auditing. We ran a proof of concept, and the new process quickly became a critical piece of our operational infrastructure, powered by Blue Prism’s intelligent automation.

Today, regardless of the format applications are received in, MMC have achieved a digital and streamlined onboarding process where Blue Prism’s technology has automated the interaction between various external and internal platforms. What is more, having removed the need to manually print and scan applications, we have eliminated processing errors. Onboarding applications now runs at 100% accuracy. The Blue Prism digital workers have freed up the time of two full time employees, who can now focus on more value-adding tasks for clients. All of which has strengthened MMC’s commitment to delivering exceptional client service levels day in and day out.

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