Case Study

Driving Superior Client Outcomes and Digital Transformation

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Portfolios reviewed
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Empowering a leading UK wealth management firm to thrive in the digital era

The challenge

A prominent UK wealth management firm faced the challenge of transforming and standardising their new business and client review processes to be more efficient and consistent, whilst delivering a frictionless experience to end customers. Additionally, the firm needed to ensure compliance with industry regulations, particularly regarding Know Your Customer (KYC) and suitability requirements. 

The solution

Wealth Dynamix implemented WDX1, a powerful solution based on Microsoft Dynamics CRM, to address the challenges faced by this client. The solution offered the following key features: 

  • Integrated 360-Degree Client Overview: WDX1 integrated data from the firm’s portfolio management, risk, and document management systems, providing a comprehensive view of clients’ KYC information, suitability status and history of interactions. 
  • Suitability Workflow Processes: WDX1 orchestrated new suitability workflow.
  • Capture of client attitude towards risk, capacity for loss, and knowledge & experience  
  • Control and audit of the assessment of suitability made, together with the four-eyes review and approval of that assessment 
  • Automated distribution of all calls to action and notifications to dashboards of responsible parties 
  • Managerial level oversight, insight and analytics 

The outcome

The implementation of WDX1 resulted in significant benefits for the client: 

Centralised KYC Data: WDX1 became the golden source of all customer KYC data and documents, providing a unified platform for managing new client accounts and ensuring compliance with industry regulations. 

Streamlined Operations: Over 60,000 suitability portfolios were reviewed and 7,000 new business accounts were approved through the solution. Digitalised KYC and suitability maintenance processes resulted in annual savings of over £750,000 on printing costs alone and even greater operation efficiency cost savings. 

The quality and business benefit of the solution combined with the rapid delivery timeframe paved the way for an expansion of the solution footprint in subsequent phases, eventually covering the following scope: 

Intelligence Driven Prospect & Pipeline Management: Implementation of the WDX1 prospect engagement and nurturing capabilities, supporting more efficient and proactive management or prospects and a higher prospect conversion rate.  

Digitisation of Onboarding Workflow: Implementation of the WDX1 onboarding automation capability, replicating the value already seen across the review and remediation process by driving major efficiency benefits, combined with a reduction in the elapsed onboarding period from an industry average of circa 20 days, to single day onboarding.  

Client 360: Implementation of a comprehensive client 360-degree view, providing a rich insight into the client relationship, fed within information from Wealth Dynamix as well as a number of additional systems within the firm’s stack. Cross book prioritised and categorised notifications and calls to action were delivered to advisor dashboards, enabling a more proactive approach to client relationship management and supporting increased customer satisfaction, wallet share and retention. 

Regulated Complaints Process: The solution facilitated a regulated complaints process, capturing all client feedback, monitoring responses, and escalating issues where necessary. 

Marketing Automation: WDX1 supported all marketing automation processes across the firm, enabling targeted campaigns and improved client engagement. 

“We needed to adopt a technological approach and were able to use the Wealth Dynamix WDX1 Platform built on an industry standard platform [Microsoft Dynamics] tailored for our specific needs and delivered on time and to budget. Wealth Dynamix facilitated the streamlining and unification of all workflow processes thus enabling vital transparency across the entire business and bringing about digital transformation.”

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