Case Study: Leading Wealth Management Firm achieves 90% faster account opening with Xerox

A wealth management leader improves cycle time more than 90 percent

Leading Wealth Management Firm, a global wealth management leader, wanted to transform its paper-based new account opening process to improve the client experience and office productivity. Applications were being faxed or mailed to an in-house imaging center, creating delays, errors, and inconsistent workflows across the U.S. office network. Xerox Corporation was brought in to help modernize the process, using Lean Six Sigma analysis and document-driven workflow expertise.

Xerox Corporation implemented a standardized digital workflow that outsourced imaging and data extraction, installed multifunction devices for scanning at the point of origin, and enabled secure upload to Xerox’s imaging center. The result was a reduction in cycle time from three days to two hours, a 90%-plus improvement, along with a 90%-plus drop in error rates, more than $500,000 in annual operating savings, improved compliance, and higher client satisfaction and productivity.