FundSERV Update

IFIC OPERATIONS DAY
The Evolution of fundserv
Reliable
Easy to approach
Secure Consistency
Innovative
Thought Leader
Engaging
Flawless execution
Industry advocate
Confidence
Highlights in 2015
FUNDcom
• User interface improvements
• Total annual usage up almost 42% or Record monthly usage
Our Network
• Securing the network by migrating to a new tier three dedicated disaster recovery location
• Solidifying fundserv’s reliability with the refresh of the core infrastructure
• Seamlessly migrated to v25 in partnership with the investment industry
• Enhanced the security of the industry network and assessed the roadmap for further security
enhancements
Clients
• Developed and implemented federated single sign-on
• Duplicate tax receipts
• Centralized data store for fund company exception processing
What’s Coming Soon
V25.2 to be implemented on November 23, 2015
• New net file for Nominee Non-Registered Income Reporting for FATCA
V26
• New non-financial message for systematic plans for PAC’s and SWPs
•
FUNDcom enhancements for TFSA contribution summaries, RRIF withdrawal
amounts, and new additions for RESP federal and provincial grant info
•
Segregated funds to be added to the Error Corrections standards for mutual
funds
GICSERV
•
Participated and completed the initial analysis on the unique identifier
Transaction Volumes
Total Monthly Queries (last 12 months)
5
4
3
2
1
-
10,000,000
8,000,000
4,000,000
Total…
Millions
Transaction Types (YTD)
1.35
15
1.3
10
2014
1.25
5
2015
1.2
Buys
Sells
Switch
Internal External
Transfer Transfer
Oct…
Sep…
Aug…
Jun…
Jul '15
May…
Apr…
Mar…
Buy/Sell Ratio
20
0
Feb…
0
Jan…
2,000,000
Dec…
2015
6,000,000
Nov…
November
October
September
August
July
June
May
April
March
February
January
2014
December
Millions
Total Trades
2014
2015
1.15
1.1
Q1
Q2
Q3
Q4
Powered by fundserv
Solution
Secure communication for the investment industry
•
Enables customers to communicate securely
with an end-to-end audit trail
•
Ability to attach and exchange soft copies of
documents for quicker resolution times
•
Built in escalation for unanswered messages
•
Automatic follow-up reminders through alerts
•
Leverages fundserv’s secure private network
that connects over 323 fund companies with 349
dealers
7
Benefits
Manufacturer and Dealer
•
Time stamping of messages and retention built
in – provides audit support, and avoids
arguments over who said/sent what and when
•
Dealers have an increased line of sight on error
corrections involving their advisors – helps address
compliance concerns
•
Reminders and escalations built in to
encourage timely resolution
•
•
No need to remember who the right contact
person is at each company, or how they want
you to engage with them
Communication through secure, trusted network – no
more concerns about faxes getting lost or
misdirected, or confidential client information being
sent over unsecure email
•
Industry-driven development – extensible to a range
of message types and participants, to help resolve
customers’ biggest pain points
Benefits
Investor
•
Provides a higher level of security and
certainty around investor data
•
Does not put their personal information at
risk
•
Reduce time to complete account transfers
(less time out of the market)
•
Timely resolution of requests
•
Reliability of information
Challenges
•
•
•
•
•
•
•
Significant pressure to reduce operational costs whilst minimizing risk
Reducing dependency on paper based communications
High NIGO (not in good order) rates
Support independent distribution channel viability
Ensuring version control of the investment application form
Advisors and investors demanding a more modern approach
Increasing regulatory and compliance requirements
Solution: eDOCS
eDOCS consists of 4 key components:
1)
2)
3)
4)
A web-based user interface for data capture and form completion
A robust workflow engine
eSignature
Document storage and retrieval
•
Investment product agnostic and fully configurable
•
Incorporates both dealer and fund company applications,
edits, customized workflows and multi-system integration
•
Backed by world class e-Signature and workflow
technologies, our solution is reliable
•
fundserv leverages its existing infrastructure and robust
security protocols to deliver the investment industry’s only
true end-to-end electronic solution
Digitizing the paper
investment industry
How does eDOCS Work?
Use case: account opening
Step 1: Advisor enters investor data into eDOCS
Step 2: eDOCS auto-populates dealer forms and fund company applications (if
applicable)
Step 3: eDOCS triggers an investor e-Signature request
Step 4: Advisor and compliance e-Sign for approval
Step 5: eDOCS forwards trade creation workflow to dealer back office system
Step 6: Investor is sent a secure link to access their investor kit with completed
forms and applications
Step 7: Documents are stored electronically (accessible by fund companies and
dealers)
Fundserv DaaS
POC: Automation Dashboard
Key Drivers - Background
Insight
• Operational Model
• Industry Trends
• Market Opportunities
Consistency
• Centralized industry data
metrics
• “Golden copy” of data
Industry Utility
• Designed by the industry
for use by the industry
• Standards driven
Reliability
• Proven track record of
delivering accurate and
timely data
Iterative
Release
(to market)
Define industry
Challenges
Approach
Pilot, assess, and
operationalize
Develop POC
Establish business
Case evaluation.
Framework
for
Insight
Moving from information to insight through harnessing the value of the data that flows
through the FundSERV network.
Insight Categories
Operations
• Operational efficiency – Automation rates
• Impact of self-serve solutions on costs
Sales and Distribution Analytics
• Cost to serve - (by product, asset management
firm and region)
• Distribution channel effectiveness
• Performance of advisors (by sales, region, new
client growth, etc.)
Investor Analytics
• Client segmentation - Investor segmentation
(Gen X, Millennials, etc.)
• Buying behaviour by investor segment
• Impacts of new service offerings
data-driven
decision
making
• Trends by
geographic
region were, on
“Companies in the top third of their industry in the use of
average, 5% more productive and 6% more profitable than their competitors.”
Source:Source:
PWCPWC
fundserv security
• Integration
• Data Sharing
• Data extraction
by categories
Dissemination
Presentation
• Master Data Management
• Data Quality & Cleansing
• Versioning & Matching
• Data Validation
• Big Data (Veracity, Volume & Velocity)
• Data Augmentation (3rd party data)
fundserv security
fundserv security
fundserv security
• Analytics
• Dashboard Visualizations
• Predictive
• Self-Serve
• Mobile and web based
Aggregation
18
Automation Rates - POC
Data Set
•
•
•
Transactional data (Jan 1 - 31, 2015)
Automation Rates vs Peers
•
Automated, Semi-automated,
Manual
•
Exclude fund initiated
transactions (i.e. distributions)
Peer Group - FundSERV Board
Presentation and Analytics
•
•
Mobile enabled dashboards and reports
Predictive modelling – “what if?”
Looking ahead
ETFs
Exempt
Market
PTFs
Advisor &
Investment Product Info
Call Centre
Forum
Settlement
Services
AML
Reliability. Innovation. Thought Leadership.
fundserv.com