Processing Configuration Example for Banks
The Organisation: Large Global Private Bank Focused on Delivering Wealth Processing Services
A large global bank (The Bank) partnered with SEI to provide wealth processing services for the Bank. The Bank offered these services to their high net worth and ultra high net worth individuals and their families through over 90 locations in approximately 42 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
As of December 31, 2007, combined client assets under management were nearly US$500 billion. The Bank works with their customers to develop innovative solutions to manage, preserve and develop their wealth today and for generations to come.
The Challenge: The Bank Recognized a Need to Transform Their Business
Several years ago, the Bank identified a number of drivers that led it on a search for an outsourced service provider that could assist with a complete business transformation. Specifically, the Bank was looking to partner with a firm that would allow it to better support a business plan that would include the following:
- Increased activity that would help achieve operational efficiency and scale
- Expanded product offering
- Improved levels of client service
- Reduced cost
- Capacity to support planned growth of clients and assets under management
- Consolidation of disparate systems, which would lead to more streamlined operations
The Decision: SEI Is Selected as the Chosen Services Provider
After a diligent search and review of perspective partners, the Bank chose SEI based on SEI’s comprehensive services offering and unique approach to business partnerships.
By partnering with SEI, the Bank was able to consume the following services in order to expand its business and better compete in the marketplace.
Client Management Services
The Bank was looking for a partner that provides enhanced relationship management and account administration services to streamline and improve the accuracy and efficiency of administration activities. SEI’s proactive workflow management and straight-through processing infrastructure eliminates the need for entering end-investor information into multiple fragmented systems and is designed to facilitate improved data accuracy. These services allowed the Bank to promote consistency of the end-client experience which, ultimately, results in end-investor loyalty.
Asset Management Services
The Banks’ sophisticated end-clients wanted open and objective advice. For the Bank, that meant delivering complementary proprietary and third party solutions. To do so, it needed to deliver an open-architecture, models-based approach to portfolio management.
The Bank sought a partner to help in several key areas. It needed tools and services to help with both manufacturing and distribution. It needed services and capabilities to blend in-house and third party solutions into coherent investment strategies – and it needed a partner who could help it efficiently manage end-client portfolios against those strategies. Lastly, The Bank wanted a partner who could help it leverage the best thinking and expertise of specialists from the third-party investment providers it employed.
After a thorough due diligence process, the Bank chose SEI.
Processing Services
As SEI’s strategic partner, the Bank was able to enhance its product offering by gaining access to a comprehensive, fully automated suite of processing services, including real-time securities processing and portfolio accounting, cash processing, reconciliation and reporting services for all security types. SEI’s operating model frees up the Bank’s back-office resources so that it can focus its efforts on value-added, end investor facing activities. Automated, consistent and straight-through processes increase the overall quality of wealth processing.
Business Management Services
SEI offered a unique approach to partnership governance. The governance framework is the backbone for quantitatively measuring and qualitatively demonstrating the value derived from the overall relationship. SEI’s relationship management model provides a single point of accountability while helping the Bank meet its business objectives and ensuring both organizations remain aligned throughout the duration of the relationship.
Infrastructure Hosting Services
The Bank recognized that at its core, SEI provides comprehensive global wealth services that are enabled by integrated technology components. SEI is responsible for the management of this complex solution, which allows the Bank to focus capital investment and other resources on differentiating front-office activities and its end clients.