Traditionally Wealth management technology for wealth managers was more focused on Advisor technology. As the business model evolved from Product Centric to Relationship Centric and the client expectations changed, the wealth management firms started to focus on investor technology to create a competitive differentiator. As per numerous studies, the wealth management client experience lags behind other industries and its financial services peers such as Cards, Banks, and even Insurance.

Clients focus a lot on the digital experience provided by the firms to decide on their future financial advisors. As a result, the client portal is a critical investment that firms have been making in this space. Per a study, 93% of the studied wealth managers have either implemented a client portal or are in the process of implementing it. Client portals can become a hub where clients access all their financial information. They are a valuable tool to retain clients and grow your practice by increasing assets with existing clients and attracting new prospects. When advisors and wealth manager firms find it difficult to differentiate themselves from other competitors, the client portal can become that key differentiator and a source of competitive advantage.

In this whitepaper, Gaurav Sehgal, Vice President, Financial Services, Incedo talks about the critical importance of client portals and digital experience for Wealth Management organizations.

The client, a mid-market specialized mortgage lender with their business portfolio comprising origination and servicing for MSRs was looking for a strategic partner in their growth journey, to uplift customer experience, and digitally transform the overall loan servicing operations. The strategic priorities for the client were – Significantly increase digital self-service, improving customer NPS, and improve mortgage operations productivity.

Incedo’s modern and intelligent SaaS solutions based on cloud, automated workflows, and AI-driven personalization have helped the client achieve improved efficiency, agility, and scaling while being able to respond to new opportunities and unanticipated situations, such as the COVID-19 pandemic. Incedo’s solution benefitted the client with:

straight through processing

70-90% straight through processing

increase in self service

23% increase in self-service

cost optimization

35-45% cost optimization

An Independent broker dealer with the second largest broker dealer network in the US, lacked executive view across the business network with the distributed data that was making it impossible to view key metrics, gain insights, and simulate “what-if” scenarios. They wanted to improve the sub-optimal mobile features in the existing BI platform while dealing with the increasing cost of 3rd party tools, high time to market for reporting requests, and poor user experience with reports.

Incedo’s blend of data warehousing, reporting, visualization, and analytics solution resulted in the following:

360 degree view firm for executives

360 degree view of firm for executives

flexible access to data

Flexible access to data and self-service at enterprise level

light fast dashboards

Light and fast dashboards

reporting self service

Reporting self-service leading to reduced ad-hoc requests to BI team

reduced cost of ownership

Reduced cost of ownership with scaling of data

reduction in overall licensing

Reduction in overall Licensing and AMC cost with new licensing model

assisted executive management

Assisted executive management to make smarter business decisions through comprehensive sets of reporting and insights

A leading biotechnology company that discovers, develops, manufactures, and commercializes medicines to treat patients with severe or life threatening medical conditions wanted to optimize the estimates for print material which were time consuming and often error prone. In order to help mitigate the chances of stockouts, minimal holding stocks, and wastage, Incedo developed a ML based forecast model, which benefitted the client through:

robust demand forecasting

Robust demand forecasting model with 85% accuracy for items

better managed inventory allocation

Better managed inventory allocation with reduced overheads and flexible access to data and self-service at enterprise level

light fast dashboard

Light and fast dashboard with real time reaction to pre-emptively adapt to market changes and variation in actual item demand

A banking and financial services conglomerate having operations in US and Latin America has a strategic vision of transforming into a “Digitally-enabled” bank to deliver a highly engaging omnichannel customer experience. They were facing several challenges in accelerating the pace of digital transformation, which made them perform sub-par on the digital metrics.

Incedo teamed up with the client, who has products and services including personal banking, corporate banking, domestic lending, and foreign exchange. On facing disruptions, the client wanted to plug the gap by a three-pronged approach.

Incedo’s digital consulting team collaborated with the bank’s retail business, digital and technology leadership teams to clearly define the problem statements aligned to their business KPI’s to translate them into a defined digital transformation approach and priorities. Incedo adopted a multidisciplinary approach combining platform with services along with a three step approach for digital transformation to impact:
2X improvement in conversion

2X improvement in conversion rates across channels

improvement digital channel

30-50% improvement in digital channel contribution for sales across products

improvement credit disbursement

109% improvement in credit disbursement driven by digital targeting

improvement in interest revenue

135% improvement in interest revenue from existing loans driven by ML driven personalized pricing

driving innovation and onboarding

Driving innovation and onboarding new use cases, while reducing cost and TAT leveraging Digital platform

inculcating advanced ML cloud capability

Inculcating Advanced ML and Cloud capability within Bank’s marketing and IT teams, to drive data science use at the bank

In a world of rapidly changing customer experiences as well as the content consumption habits of the audiences, a full service video streaming platform provider was looking for ensure the best connectivity, quality and user experience for its product platform to maintain its competitive edge.

Incedo brought its considerable expertise in data science, analytics, cloud and design to create a specialised media lab as an incubation centre to support development, enhancement and re-engineering of the various product applications including the development of content sharing apps for mobile and OTT devices. The efforts resulted in the following:

increased scalability achieved reduction

Increased scalability, achieved reduction in functional time ensuring Reduction in go-to-market time and operations cost by 50%

zero downtime through proactive service

Zero downtime through proactive service monitoring, reduced consumer complaints and increased download rates for the apps, maximized revenue from day one with reduction in OTT platform build release time from 12 hrs to 1 hr.

enhanced viewer experience

Enhanced viewer experience with smoother streaming and progressive downloads, through adaptive protocols for high-quality streaming (HLS, RTMP, MPEG-DASH).

successfully initiated an app

Successfully initiated an app for Apple TV through the incubation centre.

improved and extended device

Improved and extended Device compatibility leading to increased New Client Wins.

A US-based mortgage solution provider and a full-service lender servicing customers for more than three decades wanted a scalable solution that optimizes agility with minimal costs. They wanted a self-serving loan solution based on the changing load requirements of concurrent users.

So when our client wanted a self-serving loan solution for its end customers, while reducing customer service overheads, Incedo rose to challenge to help them build a platform that reduces the frequent downtime, eliminating the capacity and load related issues, while radically reducing the processing time.

With new solutions and a platform in place, the client generated results through:

cost saving dollar one million

Cost saving of $1 million, spread over a three-year period, in license fees.

agility to scale and seamlessly

Agility to scale and seamlessly manage and optimize underutilized services as well as demand spikes, reducing infrastructure costs with timely reviews and reporting

self serving portal

Self-serving portal for customers to have a better control over their account thereby reducing manual intervention of customer care team and reduced process time, leading to an improvement in customer acquisition, retention, and lower customer service overheads.

intuitive and superior UX

Intuitive and superior UX for a superior customer experience.

availability loan

100% availability of loan portal, high performance with low latency and response time.

Our client, one of the leading biotechnology company had a Commercial Copay Program. These Copay Programs are designed to address patient financial barriers to treatment, promote patient adherence to therapy and enable prescribers to provide the most appropriate treatment option without patient financial concerns. So when the client was looking to improve adoption and utilization for its Commercial Copay Program, Incedo helped gain insights on strategic account planning as well as provide solutions regarding the program enrollment and copay utilization.

Incedo’s solution significantly reformed the efficiency of identifying and matching prescribers based on the prescriber’s demographics using fuzzy logic. This mapping was used to report accurate copay enrolments and claims metrics. Upon analyzing and understanding the business metrics and refining them properly to report relevant information, the solution resulted in the following:

empowered field reps new expanded

Empowered field reps in new expanded roles with adoption and utilization insights through business intelligence reports to significantly increase customer acquisition. Field reps were enabled to provide proactive support to prescribers by identifying areas of low co-pay program enrollment and/or utilization.

copay optimization each brand

Copay optimization for each brand and geography leading to optimized costs with optimal coverage amount for each brand/insurance plan.

increased customer engagement

Increased customer engagement with better collaboration and coordination across a territory board, by identifying opportunities where copay program utilization occurs for a product but not for other products.

by introducing fuzzy logic IDs

By introducing fuzzy logic, the IDs for 26% (9,519) additional records were mapped as compared to the traditional logic

manual intervention reduced

Manual intervention reduced due to fully automated python fuzzy match system

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