Success Stories › An International Bank
A streamlined approach for managing account information and reports
During the mid 1990s, the institutional money management unit of a large international bank found it was having difficulty managing account information and account reporting. A number of internal systems were producing reports, but it was difficult to merge and consolidate these data feeds to meet the different needs of various portfolio managers, interested parties and the many participants for whom the bank managed retirement accounts and trust funds. Not only was this process labor intensive, it was also time consuming, requiring approximately 10 business days to complete.
In response to a request from the bank, GDS developed an integrated system to collect account data, aggregate it as needed, and distribute consolidated reports to appropriate recipients. The system keeps track of recipient data such as address and company location; as recipients change jobs or move to new locations, the system updates account information and distributes the reports accordingly. In addition, GDS' integrated solution manages document delivery via multiple channels, depending on the preference of the recipient.
For bank managers, GDS' system provides optimal control and oversight via a flexible, hierarchical approval process; managers can accept a requested change, return the change to a requestor for more information, or remove the recipient from the distribution list where appropriate. For recipients, GDS developed a portal that can be used to update and submit changes in personal information directly to the bank.
With GDS' system, the bank realized significant cost savings by reassigning staff formerly dedicated to managing recipient data and tracking the movement of principals and interested parties. The system also yielded a considerable reduction in postage costs, thanks to the consolidation of account packages. In addition, the interval required for account data aggregation, rendering and distribution was dramatically reduced from 10 business days to less than 2.