Client Profile
- Industry: Financial Services
- Segments: Asset Management, Asset Servicing, Wealth Management, Banking
- Kenway’s Solution: Operating Model Transformation and Implementation
Background
As a leading player in the financial services industry, the client has a reputation for delivering exceptional custodial services. Within their portfolio lies their critical role as a transfer agent, supported by specialized teams including:
Each time the client acquires new business, their transfer agency team undertakes the intricate process of onboarding and converting services from the previous custodian. This transition demands immense coordination and precision, often straining resources and impacting downstream processes.
When the client secured a significant new business, they quickly faced unprecedented challenges, including higher-than-expected volumes and unique client demands.
Challenges
The onboarding process for the new business revealed several operational hurdles:
- Teams worked in silos, limiting cross-functional communication, hindering seamless processing.
- Information flow between teams was inconsistent, creating delays.
- Documentation of critical processes consumed significant time for resources that needed to be supporting the client.
- Pain points in existing procedures lacked clarity or resolution, impeding improvements and optimizations.
- The need for rapid onboarding and training in new resources stretched the team’s capacity, diverting attention from key priorities.
The situation threatened to impact client commitments and relationships, requiring immediate intervention.
Approach and Solution
With Kenway’s help, the client reimagined their transfer agency processes. Together, we developed a scalable operating model that empowered the client to drive successful change in their organization.
We embarked with a comprehensive review of the client’s current state in a timely and efficient manner that drove definition of roadmap for future improvements:
- Current and Future State Analysis:
- Conducted SME interviews across all teams to map existing workflows.
- Standardized over 300 procedure documents to streamline operations.
- Facilitated tabletop discussions to uncover inefficiencies and align team processes.
- Recommended prioritized improvements with measurable ROI.
- Future State Documentation:
- Created end-to-end process flows for transfer agency subgroups, enhancing transparency and accountability.
- Developed a conversion runbook, ensuring consistency and quality in future client transitions.
- Added new procedure documents, user guides, and client reporting templates to close documentation gaps.
- Change Management Execution:
- Established a Resolutions Team and Quality Assurance Team to address critical gaps, supported by detailed onboarding materials.
- Built the Transfer Agency Knowledge Center on SharePoint, transforming a difficult to maintain shared drive into a centralized repository for streamlined knowledge management and easy self-service.
Results and Impact
The partnership between the client and Kenway delivered tangible, lasting results:
- Designed an operating model that fostered governance, transparency, and alignment across teams.
- Streamlined processes, saving 17 hours per week and enabling teams to focus on high-value activities.
- Improved adherence to audit, risk and compliance standards by bolstering documentation and validation of critical business processes.
- Enhanced knowledge management by transitioning to an intuitive SharePoint structure, easing access to critical documents.
- Created standardized workflows and tools that ensure seamless client onboarding and long-term scalability.
A Partnership for Lasting Success
Through close collaboration, the client demonstrated their ability to adapt and innovate in the face of challenges. By leveraging Kenway’s Product and Program Management expertise, operational inefficiencies were turned into opportunities for growth.
The client’s feedback speaks to the power of this partnership --"Amazing, a model for what a lot of teams should have."
The redesigned processes and tools allowed the client to ensure delivery commitments were met, creating tangible results for the servicing of their client and the management of business operations.
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