How to Redesign Business Processes? vania
Depositary Receipts (Now BNY Mellon)
The Bank of New York’s American Depositary Receipts business was global, but the account administration process was complicated and extremely time-consuming for account administrators to on-board new customers. Training new account staff took over 18 months, limiting their ability to add immediate value to the business and support clients fully.
Understand the complexities of on-boarding clients by documenting how multiple types of financial services product types are used by different issuers.
Create a new database and automated workflow process to streamline the account set-up process working with an in-house development team to explore using new technologies.
Design a new account set-up workflow processes within the organization to fully leverage the redesigned procedures.
Train all staff to adapt to the new tools, daily procedures and requirements.
The new database and workflow system became a critical tool for more effectively managing and monitoring staff and introduced multiple benefits that are still in use 20 years after being initially developed.
Enhanced database capabilities enabled the use of bar-coding to automate report distribution
Historical data was used to generate user-friendly graphical management reports for issuers
Redesigned and fully automated account set-up processes decreased training time 200% (to 6 months), making new staff account training simpler to implement
Clients had comprehensive access to full year historical data (rather than only previous month information)
Increased systems controls reduced administrative errors and increased information sharing across departments
An integrated process enabled monthly management reports to be delivered 19 days earlier than before