Case study

Radical transformation: Front-to-back systems design

Lead partnerMatt Neill

We were approached to co-create and implement a bespoke onboarding platform to replace a legacy system and enhance their manual processes. The existing systems and approach presented a number of critical challenges, including:

An unscalable architecture
No real-time information on progress
Poor business metrics
No cross departmental workflow
No regulatory compliance controls
No rules and poor key controls

As a result, the onboarding team spent a great deal of time responding to update requests and manually managing the process to tackle priority cases.

Our team co-designed a standard, scalable process, built out the technology requirements, and worked directly with the technology team to create a platform to drive change in the business and vastly improve onboarding.

We completed the initial systems build in 6 months before entering an agile cycle of continuous improvement which enhanced and refined the tool, enabling roll out to multiple global locations and regulatory jurisdictions.

Industry segment
Global Investment Bank
Function
Client Onboarding
Core capabilities
Workflow Design, Client Lifecycle Management

Key outcomes delivered

Increased speed and volume of onboarding
New operating model resulting in increased efficiency
Creation of a sustainable high-performance process

Results

Timeframe

months to Minimum Viable Product (MVP) release

Scale

0 %

of regulatory jurisdictions covered by solution roll-out

Output

creation of a single global, cross-functional tool to handle all onboarding requests, supported by single repository of client data

Challenge

Replace legacy onboarding system and enhance manual processes

The client’s priority was to replace their legacy onboarding system and manual process with a single auditable platform for the coordination of all client onboarding activity.

The client wanted to leverage new technology to:

introduce workflow, controls and rules to increase the efficiency of onboarding
improve the reporting of progress to the front office
enhance the communication between all teams involved in the process
deliver a reliable and comprehensive KYC profile.

The timeline for the initial release of a new solution was 6 months.

Approach

Direct collaboration and introduction of agile technologies

BeyondFS collaborated directly with the client’s technology and operations teams to design a bespoke onboarding and CLM system.

Our team managed the development of requirements and introduced agile techniques to accelerate user feedback on the designs and to rapidly test concepts in development.

We created a programme of work to engage their organisation and focus the right effort and skills on the challenge.

Outcome

Minimum Viable Product (MVP) live in 6 months

We managed all workshops on a global basis and coordinated across the global development teams to take the minimum viable product (MVP) live in 6 months.

Subsequently we developed a worldwide roll out process that took the solution to multiple client locations across all policies and lines of business to deliver a comprehensive, global solution.

“BeyondFS have the highest level of honesty and integrity of any consultants that I have worked with. As circumstances change, as they always do, they operate with agility and pragmatism to deliver tangible, high impact and measurable results for their client. These guys have done the “hard yards” helping deliver Client Lifecycle Management systems and navigating Financial Service regulatory reform and bring with them a wealth of real-life experience in process optimisation and transformation initiative. Their “whatever it takes” attitude really sets them apart and I would have no hesitation in recommending them.”

Head of Client Onboarding

Tier 1 Global Investment Bank