Automate and streamline the asset transfer process
Removed manual effort from initiating and
monitoring asset transfer with the help of RPA
Process
The transfer of brokerage accounts from one firm to another is done through automated customer account transfer services. The services enables eligible participants to efficiently and automatically enter, review and settle the transfer of customer accounts between firms. It enables the transfer of many different types of assets, like equities, corp. bonds, mutual funds, etc. The process though is central monitored by Depository Trust & Clearing Corporation (DTCC), continuous tracking of the transfer is difficult to trace.
Solution
Robotic Process Automation (RPA) was used as a solution to automate the process. This removed the task of manually monitoring the DTCC website for updates and matching it with the records associated with the transactions initiated by the financial institution. In addition information about updates was pushed to customers via email over the period transfer was in progress to ensure that customers were updated. Since manual intervention was removed it ensured higher degree of compliance to regulatory requirements and removed chances of loss due to manual oversight.
Challenges Addressed
No tracking mechanism
Tracking of the progress of the transfer was done manually and hence resulted in irregular updates to customers.
Variability in arrival pattern
Initiating asset transfer request has a low Turnaround Time (TAT) and has to be completed within a cut-off time. Intermediate arrival pattern of requests resulted in overstaffing and low utilization.
Manual errors
Since matching of transactions and then updating tracking status was done manually it was prone to errors.
High accuracy level requirement
The nature of transactions is financial and high value, this required high degree of attention on accuracy of the transactions.
Outcome
- Cost savings of $2 million per annum on asset transfer operations.
- 60% reduction in manual effort.