A Regional Bank Improves Operational Efficiency Through an Integrated Wealth Management Platform
Large regional bank integrates a newly acquired wealth management business
Following a major acquisition, a regional bank and wealth management organization faced the challenge of integrating differing operating models and technology environments. By adopting Fi-Tek's Global WealthES, the organization established a more streamlined and scalable framework for managing operations while supporting continued business growth.
Client Profile
The client is a large regional bank and wealth management firm with $6 billion of assets and over 100 locations. It serves a large spectrum of clients ranging from individual investors to small and mid-sized businesses, as well as large corporations, non-profit organizations and family foundations. It has been aggressively growing through organic business development and acquisition. This organization is a long-standing client of Fi-Tek.
Problem Definition
In 2012, the client acquired another bank with a large wealth management business. The acquired bank used a different wealth management software solution and outsourced operations. Management was required to evaluate and select both the software platform and the operating model best suited to the needs of the newly combined organization.
Solution Offered
The bank chose Fi-Tek's Global WealthES solution to support the newly merged entity. Additionally, they decided to handle the operations in-house. The decision was made because of the solution's compelling value proposition:
- Fi-Tek's Global WealthES offers efficient straight-through processing capabilities that allow operations to be performed in-house with the same staff that supported the acquired company's outsourcing model
- Robust, modern and scalable technology platform
- Fully integrated solution - technology platform is integrated with BPO and custody solution
- Low risk solution that simplifies business processes by automation
- Consolidates business functions on a single platform
- End-to-end front, middle and back office functionality
Benefits Derived
Fi-Tek's integrated end-to-end platform as well as its strict client focus, and solutioning culture which facilitates delivery of customized solutions, resulted in the following tangible benefits for the client:
- Allowed them to maintain control of all operational functions
- Reduce cost of operational support
- Improved functionalities and operations resulting in faster turnaround time for launching new offerings to end customers
- Shift towards variable cost operating model for the Bank
- Risks mitigated by monitoring processes
- Reduced Total Cost of Ownership resulting in increased ROI
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