DST, a global provider of strategically unified data management, business processing, and customer communication solutions, today announced that Opendoor, an e-commerce platform designed to deliver operating efficiencies and improved customer service to wealth managers, has been selected for use by Old Mutual Wealth in the UK.
Opendoor is a digital platform that provides a single customer view for institutions, superannuation funds, and third-party administrators. The solution’s e-commerce, enterprise data management, and content management capabilities give wealth managers and advisers access to a suite of products and services via a multi-channel portal that seamlessly manages all online and mobile content.
With the agreement, Old Mutual Wealth - one of the world’s leading global wealth managers - will consolidate multiple websites and microsites onto Opendoor, DST’s front-office solution. The consolidation will provide Old Mutual Wealth with a consistent process and usability across its customer, adviser, and contact centre operations. The UK-based firm plans to begin re-platforming its public websites in Q2 2015.
Old Mutual Wealth is already in the process of outsourcing its back-office operations to International Financial Data Services (IFDS), a 50/50 joint venture between DST and State Street Corporation. As part of that project, Old Mutual Wealth’s UK retail platform business is being migrated onto Bluedoor, DST’s back-office solution. The new Opendoor agreement complements the work already underway.
According to DST Executive Director Martin Spedding, Opendoor has the ability to deliver huge efficiencies to Old Mutual Wealth and to the entire wealth management industry.
“Organisations accumulate a number of disparate products and systems over time as a result of mergers and acquisitions or ongoing investment,” says Spedding, “which often results in inconsistent customer data and management information. Opendoor has the ability to provide real-time straight-through processing across multiple systems with a 360-degree view, enabling organisations to see all their customer financial positions in a snapshot.”
Under the arrangement, Old Mutual Wealth and DST have already launched a digital magazine - Digital Informer - to thousands of advisers, replacing an existing paper-based product with a real-time interactive magazine including market data feeds. DST is currently developing Old Mutual Wealth’s customer-facing public websites, due for delivery later this year and is also in discussions to do the same for its recently launched online customer centre.
“We want to ensure we’re operating on the best technology available so that we can provide the best possible service to advisers and customers,” says Jeremy Charles, Chief Operating Officer at Old Mutual Wealth. “The Opendoor platform will enable us to keep up to date with the latest mobile technologies that are becoming crucial in the delivery of financial services in today’s market.”
“This new agreement adds to our strong relationship and highlights the broad appeal of our product,” says Spedding. “Old Mutual Wealth is one of the leading wealth managers in the UK, and by implementing Opendoor it will be able to manage all customer and adviser interaction across a number of mediums, including web, mobile devices, electronic and physical mail, call centres, and chat sessions.”