75% efficiency gains in performance reporting dazzle a top wealth manager

A global wealth management firm’s fragmented technology and processes made reporting and analytics difficult. Genpact’s AI and machine learning tools addressed these challenges and transformed data management to improve efficiency and overall growth.

The firm’s process for gathering data, producing reports, and conducting analysis had become a big problem in the eyes of both its financial advisors and clients. Many of its clients hold assets, especially alternative assets, with multiple custodians that deliver data in a variety of formats, including Excel spreadsheets, PDFs, images, faxes, and paper documents. All these different formats resulted in a lot of unstructured data that took a long time to process and analyze.

Without the right technology to work with, advisors ended up creating their own manual ways of doing things. To make matters worse, the firm had outsourced several steps to outside partners. There were four parties (two external partners, an internal analyst team and the advisors) all trying to work together on the same process, but in a very fragmented way. All this, led to slow, error-prone reporting to customers. It often caused inaccurate billing, too.

The firm realized this wasn’t going to work anymore – it needed to streamline and automate.

We introduced a single platform to deliver information in a sustainable manner to all stakeholders. Once we addressed that major hurdle, we used the same platform to tailor services and analytics for every relevant party—eliminating most of the challenges the firm faced.

We implemented Genpact Cora LiveWealth product to improve overall efficiency in just 90 days—a quick turnaround, thanks to Genpact Cora’s robust machine learning and AI capabilities. Cora LiveWealth uses AI, including data extraction technology and machine learning, to rapidly automate the gathering, extracting and normalizing of data on assets held away—
streamlining everything from sourcing to reporting.

At the same time, Cora LiveWealth went to work delivering on-demand performance reporting and enterprise dashboards across business lines. Our product also aggregates consumer bureau information, highlights liabilities, builds balance sheets, and creates flexible asset classification schemas. Management, FAs, and customers now all receive personalized reports, on demand.

Improving operational efficiency by 75% was certainly uplifting. But the real satisfaction came in knowing this firm was surprising and pleasing all its stakeholders with information they needed in real time to make better, more nuanced financial decisions. With Cora LiveWealth, the firm gained a real-time, big picture view into clients’ internal and external assets held away, and created real competitive advantage for their firm.