Goal
A global bank needed to reduce the risk of fee calculation and billing errors and eliminate pain points in the reporting processes across several programs.
The Challenge
Across the globe, banks and wealth managers are competing for business. Client expectations have risen in recent years to include a need for clear insight into the value they receive from their advisors, and the institutions they represent, in exchange for the fees they pay. Institutions with aging technology are scrambling to provide accurate information in a timely manner and understand that failure to do so can lead to frustrated advisors, frustrated clients, and reputational risk.
PureFacts was engaged by the wealth management division of a global bank to help them implement a fee system capable of handling the complexities brought about by multiple lines of business and hundreds of unique products and fee structures.
The bank has various lines of business in the wealth division with inconsistent reports and reporting processes. Different operations teams were using multiple fee billing calculation engines with unique data load processes, different timing, and limited statement capabilities. To ensure accurate billing, the teams were using several manual steps, which led to numerous pain points and the increased risk of billing errors. Clients with multiple accounts received non-uniform reports at different times.
The bank had to fix their fractured system in order to enhance customer satisfaction, lay a foundation for strong and sustainable future growth, and minimize operational risk.
PureFacts was able to help. The PureFacts fees and commissions platform supports multiple use cases including special pricing and exclusions at the asset class and security levels. It is flexible enough to manage all lines of business, from mass market to ultra-high net worth. It’s also scalable and can support new product types and fee arrangements while maintaining existing business.
An enterprise-wide system was able to enhance business unit integration and standardized the reports. The built-in workflows reduced operational inconsistencies, increased efficiency and reduced costs. The increased transparency provided clarity around pricing, improving client trust and understanding of the value received for the fees paid.
In a competitive business, having the right technology can make a big difference. Putting it in place might be easier than you think. Let’s Chat.