The Domestic Retail arm of this Schedule A Banks needed to replace its existing investment management solutions. These host applications were built on a product-centric architecture and could not be transformed into the account plan architecture the business strategy required.
The Bank and RPM partnered to implement the R•SUITE of solutions. With RPM’s platform, the Bank achieved an integrated and consolidated view and process model across accounts and investment products.
With the roll-out of the platform, the Bank has significantly increased its sales capacity and product focus. Within the Retail channel, mutual fund sales grew by 300% over the previous year’s sales.
Highlights:
- The solution is used by all of the Bank’s retails sales channels, licensed advisors within the Domestic bank, back office operations and call centres. The system is also fully integrated with the Bank’s online Internet portal.
- The platform administers all mutual funds, 3rd party funds, term deposits and cash within all Registered and Non-Registered account types.
- The system is seamlessly integrated to +65 enterprise systems for automated, end-to-end processing.
- Customer accounts and investments are administered on a single platform, using one process across all branches and sales channels, accounts and products.
- Investment sales and fulfillment processing have been simplified. 5 screen profiles have been reduced to 1, resulting in increased branch capacity.
- Multiple aging investment systems are being replaced with a single modern, scale able, robust platform from RPM.
- Regulatory and business process changes are made once, not redundantly across multiple systems. This reduces systems maintenance costs.
- Future products and investment offerings can be added with ease, reducing time to market.