Recently, my team developed the e-services for a securities firm in Singapore. What seemed like a simple job turned out to be a massive effort. But, I love the end result.
There are a couple of things that we learnt in the process. One is never try and boil the ocean. The team involved was trying to perfect the entire system at one go. They should have had a staggered approach - product by product launch so that the project could have been more manageable.
I was particularly impressed with the the document automation and the cost savings for the company as a result. Since, customers were able to fill out their own application forms, other related documents like account opening to the stock exchange, W8Ben and GIRO forms were auto-populated. This translated to significant time savings for the Client Services team.
Client screening for AML (Anti-Money Laundering) and PEP (Politically Exposed Persons) were also automated. Information was readily available for all in the Client Services, Credit and Margin departments.
Overall, the system implementation resulted in a significant impact to the organisation.
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