Streamlining the account opening process at Goodbody Stockbrokers using Dynamics 365

Streamlining the account opening process at Goodbody Stockbrokers using Dynamics 365

In today’s world, businesses need a set of solutions that turn single interactions into ongoing engagements. Instead of siloed data, businesses must gain a 360-degree view of their customers and operations and move from fixed processes to the type of highly tailored modern experiences consumers expect.

Part of the Fexco Group, Goodbody Stockbrokers is Ireland’s longest established stockbroking firm with roots dating back to 1877. As well as being one of the leading institutional brokers and corporate finance houses, it is one of the largest wealth management firms in Ireland.

In 2014, Goodbody made the decision to modernise its approach to customer relationship management. Following discussions with their longstanding technology partner Codec, Goodbody decided to make the transition to a new customised customer relationship management solution using Dynamics 365.

Since implementation, the new solution has streamlined the account opening process for new customers. Previously, due to the numerous steps involved – from providing documentation to internal sign off – it took anywhere from 3-5 days to get a new execution only account up and running.

Goodbody now has the capability to open this account type in a single day due to the introduction of a new solution that makes the processes involved easier and more efficient.

Another benefit of the solution is that it generates new account leads for sales teams, as data is now captured and analysed by the new Dynamics 365 platform.

Opening accounts was previously a timely and paper heavy process

To adhere to the strict financial regulations in Ireland, opening an investment account involves numerous steps. It can be a time consuming and paper heavy process, with input and sign off required from several different internal teams.

Goodbody wanted a 360° view of its clients and to make opening new accounts as seamless a possible for customers. It tasked Codec – Microsoft Partner of the year for 2018 – with developing and implementing a new platform that would modernise its approach and provide the necessary support for both customers and internal teams at every stage of the process.

Codec took a phased approach to delivering this project. During phase one, it focused on implementing Microsoft Dynamics 365 to provide Goodbody’s staff with a 360° view of new and existing clients by centralising their data on the new system.

Phase two focused on modernising the account opening process for new customers, with phase three introducing additional builds to the solution, such as an electronic signature solution, to speed up the sign off process on required documentation.

Now, when an application is submitted, the CRM system sends the new customer a text message with an onboarding verification PIN, an email with details of how to provide identity documents using the secure electronic portal, and a separate email with details on how to review and electronically sign the client agreement.

When the account is activated, the system will also notify the relevant team within Goodbody to send the activation details, which are issued by post. Previously, all these steps were carried out manually, with the customer providing hard copy documentation that was then reviewed and approved by a member of staff.

The new solution has made most of this process immediate, from validating addresses and IDs, to notifying the customer if additional information is required.

It has proved to be a highly cost-effective upgrade for the business by reducing the paper trail and the number of hours spent by staff on manual admin tasks.

Flexibility and scalability

One of the major benefits of Dynamics 365 is that it provides the customer with a flexible platform to rapidly create new solutions and ensure old solutions are never truly finished. Now in the fourth phase of the project, Goodbody has started to extend the new solution to its more complex clients.

To comply with financial regulations, clients must keep all their personal details – such as proof of address, phone numbers etc. – up to date.

If a customer does not update these details regularly, in line with AML regulatory guidelines, the system will block or “ringfence” their account. This means the customer can no longer make transactions until the required information is provided.

Recent updates to the solution have automated this process and made “ringfencing” more accurate and efficient, ensuring that accounts remain compliant.

Education is key when introducing new technology

As a society, we are often resistant to change, and the workplace is no different. Workers who aren’t properly trained to use or that do not understand the benefits of newly introduced workplace technology, can find the move challenging. For Goodbody, educating its staff on the benefits of this new solution was the key to the project’s success.

Goodbody employees are now seeing the benefits of the new solution to full effect. They are now equipped with a 360° view of clients due to the availability of real time data analytics, spend less time on manual and monotonous tasks, and have the capability to move from having a potential customer lead to having a new account up and running in one day.

From engaging with customers, optimising operations, empowering your employees or transforming your products and services, Dynamics 365 can help businesses achieve greater outcomes using connected data and business analytics to provide previously unseen insights.

Niall Fitzmaurice

Dynamics Business Group Lead