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Part of The Westpac Banking Corporation, BT Financial Group is one of Australia’s largest wealth management companies. BT Financial Group‘s platform business deals with over 320,000 customers with $90 billion under administration.
Advisers using BT Financial Group’s platforms were relying on heavily paper-based application forms for opening accounts and many other transactions at the point-of-impact between the financial corporation and the brokers and advisers.
Paper does not provide a good transaction experience – requiring a mostly digital audience to print off forms while placing a heavy burden on back-end resources who must chase missing information, re-key data, deal with errors and more. However, these kind of paper-based processes remain in place for many types of transactions, such as ‘on-boarding’ because they are ‘high-stakes’. That is they often involve complex handling for such features as identification and payment processing, many of which have been costly and cumbersome to recreate as a digital experience.
Driving paperless on-boarding processes
BT Financial Group saw an opportunity to drive a better customer experience by improving transactions at the point of impact between themselves and their users – the brokers and advisers. At the same time, by focusing on transaction experience management (TxM), the financial group would also create more efficient back-office operations and provide themselves with a better platform to deploy ongoing data collection applications and/or SmartForms to improve all transactions at the digital edge.
To take steps to improve the process of on-boarding a new customer BT Financial Group decided to begin replacing paper applications and moving to digital transactions for their Investment and Superannuation (retirement funding) products that would be rolled out through BT Financial Group’s extensive network of Financial Advisers.
Using Avoka Transact the application forms for several financial products relating to investment and superannuation were changed from static PDF (paper) forms to SmartForms along with several supplementary forms dealing with areas such as direct debit, tax declaration, and anti-money laundering legislation.
These SmartForms, or data collection applications, were designed for either online or offline completion and simplified data input with a wizard to guide the user, plus inbuilt information validation to ensure mandatory fields are completed and data validated where possible. Furthermore, the forms were easily deployed co-branded with the financial advisers’ name.
Ongoing, flexible transaction experience management
The implementation of these features created the completion of phase one of the solution. The project adopted a staged implementation approach with phase one addressing the simplification of the forms for Financial Advisers, and beginning to manage overall document generation, whilst requiring no changes to back-office processes at BT Financial Group. Phase two has been designed to facilitate pre-population of forms with Adviser and Client details, in addition to enabling electronic submission for straight-through processing.
BT Financial Group have received wide praise and one hundred per cent adoption of online forms from advisers. Benefits cited include the simplifying of form-filling processes for on-boarding new customers, as well as achieving significant back-office efficiencies by removing re-work caused by incomplete, incorrect, or illegible information on paper forms. Maintenance from an IT perspective is minimal and changes now can be made in days, not months. Moreover, due to the flexibility of the solution there is a real opportunity to extend features to eventually deliver full straight-through processing.