Odyssey Financial Technologies, a global provider of front- and middle-office software for the Private Banking, Private Wealth Management and Asset Management industries, today announced the global launch of its Client On-boarding & Maintenance solution.
The solution, already introduced in North America 6 months ago, automates the difficult, time-consuming client on-boarding proc¬ess by ensuring that data gathering and compliance rules, as well as documentation and agreement policies, are strictly applied in a streamlined cost-efficient manner.
The solution is powered by AppwayTM, a software product used to build and manage process-driven web applications. AppwayTM is developed by the Swiss provider of Business Process Management and Composite Applications, Numcom Software AG, and is fully embedded in Odyssey's WealthManagerTM platform.
The Client On-boarding & Maintenance solution enables wealth management firms to efficiently enforce best-practice client/account opening and maintenance procedures. It handles the account-opening process from start to finish with huge savings in time and costs. It resolves front-office productivity issues and provides financial institutions with the agility to quickly adapt to changing regulations and business objectives. The Client On-boarding & Maintenance solution enables firms to implement the particularities of their client/account opening and maintenance procedures without any programming skills.
"The process of opening client relations and accounts in private banking and wealth management is cumbersome, expensive and detrimental to advisor efficiency," says Didier Pitton, Odyssey's Vice-President of Marketing & Product Management. "More than ever, in today's market conditions, wealth management firms need to improve the efficiency of new client processing and become more agile, adapting quickly to changing legal and business requirements. They need to provide wealth management professionals with an intuitive application that automates this process as much as possible, avoiding long, costly software development and maintenance projects."
Rene Huerlimann, Numcom's Director Sales, comments, "The Client On-boarding & Maintenance solution responds to this emerging account opening requirement. It dramatically enhances the client on-boarding process by reducing the time spent on administrative tasks, eliminating transcription errors and hiding the complexity of legal and compliance rules."
The Client On-boarding & Maintenance solution allows wealth management firms to:
- Guide end-users through every stage of the data gathering process
- Automatically pick and assemble the relevant set of contracts and forms based on business rules
- Pre-fill and print contracts/agreements and forms (including bar codes)
- Support supervision and authorization of the process through collaborative workflows
- Check and verify contact names using the NameMatcher and external AML services
- Automatically create and activate accounts
- Graphically design the workflows for the process
- Manage document and form authoring, publishing and archiving
- Monitor business activity
On-boarding and Maintenance processes vary widely from one institution to another. For this reason, the solution is delivered with a state-of-the-art administrative console called "Studio", which lets business analysts create and adapt screens, pageflows, workflows and business rules to the specific requirements of their institution's client on-boarding process without any need for software programming.