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  Wealth Management System for Private Banking Division of a Multinational Bank


Client Overview

The client is a multinational bank that has a proven track record in offering highly professional, sophisticated private banking services to its High Net Worth (HNW) customers. The bank, in India, offers a comprehensive range of high quality portfolio advisory services. These services are offered to its resident and non-resident clients.

Business Challenges

Given the unique characteristics of the financial instruments market in India, the bank needed a comprehensive Wealth Management System catering to the needs of the Indian markets for its private banking customers. The solution had to meet end-to-end wealth management requisites across portfolio management and investment services, enabling clients to protect, enhance and manage their wealth. The new system had to allow end-to-end processing of equity transactions and be able to adhere to the strict security policies of the bank.

The FinEng Solution
FinEng implemented its wealth management suite – Telesto in the bank. The implementation which included deployment, user training, user acceptance testing and data migration was completed in 3 months and the bank has been using the product since 2003.
 
The bank has been supported by a dedicated relationship manager and a support team to handle the ongoing challenges faced by the sales, operations and IT team in the bank.
Benefits to the Bank
Reduced operations overhead as the system reduced a major portion of the manual work involved in processing of equity transactions.
  
Increased market share through better servicing of its private banking customers in terms of both efficient processing of their transactions, as well as correct reporting of their portfolio with the bank. Complete reporting of customers’ investment portfolio enabled cross- sell and up-sell.
Saving of advisory time by providing the advisory team with various reports that analyze the customer’s holdings in terms of absolute/XIRR returns, comparing the same with benchmarks, thereby leading to better advisory services and better management of the customer’s portfolio.
Improved reporting by providing concise information of key performance indicators of the bank like Gross Volume, Net Volume, AUM , Transaction Service Charge at desired frequencies to top management, enabled strategic decision making.
Tracking of client charges simplified through automated calculation and receipt tracking in the application. Reports displayed payments pending, enabling the bank to recover dues in a timely and organized manner.
 
 
 
  Wealth Management System for Managing the Mass Affluent Customers of a Leading Indian Private Bank
 
Client Overview

The client is a leading Indian private bank. It offers a full range of services across corporate, consumer and wholesale banking activities in India. The bank services its customers through more than 600 branches and extension counters all over India.

Business Challenges
The bank needed a solution to offer investment services to its mass affluent customers across India.
 
The solution had to be capable of end–to-end processing of mutual fund transactions as mutual funds are the most popular investment vehicle for this segment of customers.
Since the bank is extremely process driven, the application had to fit into the process prescribed by the bank.
 

The FinEng Solution
To help the bank deal with handling all the challenges in the most effective manner FinEng implemented Telesto, its wealth management solution. The implementation which included deployment, User training and User Acceptance Testing was completed in 2 months and the bank has been using Telesto since 2006.
  
FinEng has dedicated a relationship manager and a support team to handle the ongoing challenges faced by the sales, operations and IT team in the bank.
 
Benefits to the Bank
Reduced operations overhead as processing the mutual fund order requires less manual intervention. Computation and reconciliation of commission has become a much easier task with automation.
 
Increased market share by better servicing of its mass affluent customers in terms of both efficient processing of their transactions as well as correct reporting of their portfolio with the bank. Complete reporting of customers’ investment portfolio to enable Cross- Sell and Up-Sell. Alerts pertaining to changes in customers’ portfolios and special events lead to greater customer satisfaction.
Improved reporting to management of key performance indicators of the bank like the Gross Volume, Net Volume, AUM, Transaction Service Charge etc at desired frequencies to the top management, enabling strategic decision making.
 
 
 
 
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