SEI (NASDAQ: SEIC) announced today that it has converted Israel Discount Bank's (IDB) Investment Management & Trust business to the SEI Wealth Platform(SM) (the Platform).
IDB has an existing relationship with SEI as the bank is already using the Platform for its International Custody division. The adoption of the Platform for its Domestic and International Investment Management & Trust business provides IDB a holistic client picture through a consolidated view of both businesses.
"As technology continues to shape the future of banking, IDB is squarely at the forefront of adopting innovation that will directly impact the customer experience," said Al Chiaradonna, Senior Vice President, SEI Wealth Platform, North America Private Banking. "Beyond an improved customer experience, the enterprise-wide workflows and integration offered by the Platform will enable IDB's wealth managers to increase productivity. And, importantly, using a single, unified platform will provide IDB better oversight of its global business, mitigating risk. We're proud to expand this relationship, supporting IDB across its enterprise."
SEI now supports processing, investment management and end-client needs for IDB's Investment Management & Trust business as well as its International Custody division. As a result of adopting the Platform for a new line of business, IDB will be able to better serve customers through enhanced functionality and more robust reporting. Further, the Platform will provide an enhanced level of data integrity and security for the bank and its customers while making system maintenance, enhancements and user experience easier.
"After measuring the impact of the SEI Wealth Platform on our Custody business, it was an easy decision to convert Investment Management & Trust as well," said Robert Plante, Chief Operating Officer and Chief Information Officer of IDB. "From more effective performance to more accurate, personalized reporting, the Platform will ultimately improve the Investment Management & Trust customer experience and reflect the benefits our International Custody customers are already enjoying."