Leveraging legacy systems and data to create an efficient distribution and access model to increase customer acquisition

Background

The National Bank Correspondent Network (NBCN) was established to provide services to financial representatives offering investment management to retail investors. It is made up of 1,500 users across 65 financial institutions representing $14.3 billion in assets and 208,000 active accounts. Last year the Correspondent Network processed over 800,000 transactions valued at $25 billion including $2.7 billion mutual fund trades.

The Challenge

The manual processes and traditional distribution methods (fax and email) were not meeting customer expectations, were expensive to manage, and resulted in out-dated information.

National Bank needed to establish a competitive differentiator through a superior technology offering, develop a more efficient movement of information, improving customer care and service, increasing trade commission revenues, and reducing costs.

The Solution

Cyberplex developed a solution that augmented the feature for customers and created a highly scaleable and efficient research distribution solution:

• Customization was implemented to allow users to select relevant topics or categories. New features lead to increased revenues.
• Automating the process of information distribution eliminated manual processes and allowed NBSN to reduce operating costs.
• Personalization of information, products and services created a new channel for acquiring new customers and cross-selling products.