Digital document automation made easy for AMP

Business Environment

Technology has brought disruption to every business sector and the Financial Services industry is no exception. The digital revolution has transformed how banks and Financial Services providers do business, and also how customers access financial products and services. It has become imperative for Financial Services organizations to develop solutions that can better address customer needs by offering enhanced user-friendliness, accessibility and design. To keep up with new industry standards and compliance regulation, organizations need to adapt their business processes to become more agile and in line with the value proposition they offer.

Global financial institutions must comply with legislation, with regards to the construction and delivery of advice documents such as Statements of Advice (SOAs) and Financial Services Guides (FSGs). The documents must meet standards to satisfy specifications set by the government’s Securities and Investments Commission.

 

Business Challenge

Since 2008, AMP financial advisers have been successfully using Intelledox Infiniti to produce their advice documents. Their previous advice documentation system included a collection of hundreds of Word documents and Excel spreadsheets compiled using complex macros, was getting too complex to manage.

They were faced with a business challenge to build a single advice documentation tool to support multiple CRM systems (licensee approved only) and develop an easy-to-use tool for financial advisers that would help them create easy-to-read advice documents for their customers. The goal was also to consolidate the various advice templates into one to reduce the work required for ongoing updates, and to further improve compliance.

 

The Infiniti Solution

After looking at a number of solutions, AMP chose to keep and scale up Intelledox Infiniti as the single solution to prepare and personalize advice documents for their clients.

The new system provides AMP financial advisers with an automated document solution covering all components in the construction of all advice documents. Financial advisers access Intelledox Infiniti via an online portal and use this to produce and customize their advice documents. They are able to answer ‘Adaptive Interviews’ to verify their authority and services offered.

The new system makes the document maintenance and creation process highly efficient. Full version controls of all advice templates are maintained and there is a record of every advice document created including all the inputs entered. Corporate data and legal disclosure content is fully leveraged to populate the standardized elements of the document.

The new solution makes it possible for AMP financial advisers using different CRM systems to produce the same centrally managed documentation. AMP financial advisers can also easily personalize their advice documents, based on the advice they are giving to their clients. The centralized nature of the solution also supports compliance.

By using Intelledox, the readability of advice documents have improved and all documents have the correct corporate branding and adhere to the AMP style. Additionally, financial advisers can now also incorporate their personal business graphics into the respective advice documents.

Two months into deployment, the system has already been adopted by more than 20% of financial advisers and paraplanners. AMP are hoping to achieve a 100% adoption rate by the end of 2016.

Infiniti is now being also used as a silent advice documentation service for other advice applications and tools within the business.

 

Business Benefits

  • Direct control of documents, corporate templates and legal content
  • Efficient document system that is easy to maintain and requires no IT support
  • Increased productivity and efficiency of business processes
  • Improved customer satisfaction through accurate, tailored documentation that financial advisers give to clients
  • Significantly reduced time for content updates and legal changes with real-time distribution
  • Fast generation of complex investment advice documents with content accuracy and ease of management
  • Assurance that the company style guide and legal content is updated and consistent for all financial advisers
  • Statistics reports and audit trail of document generation
  • Modern web-based and user-friendly interface

 

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Two months into deployment, the system has already been adopted by more than 20% of financial advisers and paraplanners. AMP are hoping to achieve a 100% adoption rate by the end of 2016.

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