Wealth Access Report FINAL - Flipbook - Page 15
Use Case:
Focus on Customers
It’s not easy to become a wealth management customer
workflows and tasks that are automatically assigned to
of The Haverford Trust Co., which only accepts custom-
the correct team, based on the data. It also uses data to
ers through referrals. That means once a customer is in,
identify potential wealth planning clients and populate
the Radnor, Pennsylvania-based firm distinguishes itself
its client journey maps.
through a high level of service and attention, says John
Supplee, the firm’s chief operating officer. That includes
Another benefit of this data architecture and information flow is that it saves the bank from needing to pass
how fast employees can find the information they’re
information and documents through email. The firm has
looking for while talking to a client, how quickly they
structured its business management and document man-
can accomplish a task or how well they’re able to sup-
agement systems so that very few requests or tasks are
port a colleague.
communicated via email, further eliminating blind spots.
The firm, which has $183.5 million in assets at its bank
Employees now receive succinct alerts and tasks that
unit and $15 billion in assets under management, lever-
include relevant documents and action items, saving time
ages data within its business process management sys-
and minimizing the possibility of mistakes.
tem, its customer relationship manager and its portfolio
accounting system to “deliver data quickly and succinct-
“The more the client experience is enhanced, the more
referrals you’re going to get. That’s a lot of how we’ve
ly and eliminate blind spots,” he says. The bank configured its business process management system to create
grown our business,” Supplee says.
Maxim points out that data analytics providers can layer
associated with a project, which allows them to measure the
in relevant external third-party data from credit reporting
return on investment. James White, general manager for the
agencies or card processors. Institutions that have created
banking industry at customer relationship management soft-
application programming interfaces, or APIs, that allow cus-
ware firm Total Expert, says institutions can take the cost
tomers to connect their accounts to external providers can
savings or additional revenue from a smaller prior use case
glean data from those connections as part of the “two-way
and apply it to the next one. That approach can help priori-
street” of information.
tize different projects while controlling costs.
Identifying meaningful use cases is also an important part of
Financial institutions should think about use cases as draw-
a data strategy. Use cases help executives scope out a proj-
ing a box around which data they want to process and lever-
ect — what question is the institution trying to answer, why
age, says Zinn at Wealth Access. Without parameters around
the answer matters and what data they’ll need to answer
what information to use, financial institutions can get “lost”
it. It also helps executives calculate the labor and expenses
in the ocean of their data.
EFFECTIVE DATA MANAGEMENT: CRAFTING YOUR DATA STRATEGY | 13
