Redmayne Bentley

Redmayne Bentley
Improving customer service
Creating a single source of information transforms efficiency
and provides rapid access to information for both
administrative and client facing activity.
“Redmayne Bentley
had a vision for exploiting
Document Management
within line of business
applications to streamline
processes & improve
customer service.”
Redmayne Bentley
Document Management | Capture | Email Manager | Workflow
- Integration with AML (credit check) -
“The user
experience in
searching for
documents is key.
Some DMS are
inherently hard to
use. Invu’s user
interface is
excellent.”
Edward Sibley,
Head of IT
Established in 1875, Redmayne Bentley is one of the UK's
largest independent stockbrokers.
The Challenge
Redmayne Bentleys services are delivered via a branch network, with trading and client
based activities distributed across the country. In addition to its own branches, the
company operates a franchise operation, offering independent stockbrokers access to
the back office administrative and compliance services that are essential in today’s
market. As a result, the business is highly dispersed, with 300 staff operating across nearly
40 branches, as well as the head office in Leeds.
Redmayne Bentley recognised the opportunity to improve the efficiency of
communications by replacing paper based documentation with a single source of
digital information. While the company had already begun to scan documents and
share them via email, the process was unstructured and inefficient.
As Edward Sibley, Head of IT at Redmayne Bentley explains, “Providing access to
documents stored at head office, and vice versa, offered a compelling model for
improving efficiency. Furthermore, Redmayne Bentley had a vision for exploiting
document management within line of business applications to streamline processes and
improve customer service.”
Proud to partner with:
Solution Summary
Streamlined AML compliance
Reduction in paper storage
Improved client services
Quick ROI
Paperless service to clients
Embedded Solution
Having assessed the market, Redmayne Bentley opted for the Invu Document
Management System (DMS). Invu’s user interface and workflow were key considerations.
Given that the company has already loaded 200Gb of documents into Invu, this ease
of use and speed of retrieval, combined with excellent scalability, is critical.
Furthermore, Invu’s use of SQL Server and .NET also reflected Redmayne Bentley’s
internal IT skills and strategy. Indeed, one of the company’s main concerns was the
potential consultancy costs associated with a DMS deployment. As Craig Arnold
continues, “Many DMS systems may appear to be relatively inexpensive but the cost of
implementation and deployment far outweigh the software license. Invu, in contrast,
requires minimal consultancy.”
In addition, Redmayne Bentley was keen to take advantage of the Invu API, using its
in-house development expertise to embed document management within a number of
business systems, including Anti-Money Laundering, ISA management and Nominees. Ed
Sibley confirms, “Invu also provided Redmayne Bentley with access to the large tool box
within the enterprise license at a very reasonable price, enabling the company to really
exploit the technology to drive innovation, streamline processes and continue to
improve customer service.”
“Many DMS systems
may appear to be
relatively
inexpensive but the
cost of
implementation
and deployment
far outweigh the
software license.
Invu, in contrast,
requires minimal
consultancy.”
Improving Client Services
With a move to a new office building in Leeds with less storage space planned, the company was under pressure to reduce its
paper storage volumes quickly. A year after implementation and Redmayne Bentley now has 700,000 documents in Invu, providing
a central information resource for Investment Services and Contracts.
The benefits of the deployment were immediate. Most notably, the use of Invu has significantly increased the speed of access to
documentation, improving efficiency and enabling portfolio managers to respond immediately to client queries. The company
estimates that the combination of Invu and the in-house line of business applications will deliver annual savings through efficiency
and streamlined activities.
One of the key benefits is the reduction in labour intensive activity to ensure FSA compliance across the branch network – a process
that previously required multiple visits to branches to check portfolio reviews and client documentation.
“Redmayne Bentley has always been committed to ensuring all branches, both our own and franchised, are following the correct
processes and adhering to FSA legislation,” Tim Archer, Head of Operations, explains. “Storing all these documents centrally within
Invu provides the central compliance department with rapid access to information by branch and portfolio manager. Redmayne
Bentley has reduced its manual overhead and now has a more efficient, centralised compliance control mechanism.”
In addition, the company has begun to take advantage of the Invu API by developing a new line of business applications for the
ISA department, Nominees department and AML compliance; with further developments planned for client on board processes,
settlement operations and corporate actions.
“Storing all documentation centrally within Invu provides rapid access to
information by branch and portfolio manager. Redmayne Bentley has reduced its
manual overhead and now has a more efficient, centralised compliance control
mechanism.”
Streamlining Compliance
One of the major requirements for every financial services organisation is compliance
to Anti-Money Laundering (AML) requirements. Demands for AML are prompted by a
number of triggers which range from a new customer, to the value of trade being
undertaken on behalf of a customer. As a result, the volume of AML checks can vary
significantly – from 50 in one week to 1,000 in the run up to the tax year end, when
individuals are looking to maximise ISA investments.
Using the traditional manual checking processes employed in the vast majority of
financial services organisations, this volume diversity can result in delays and a
backlog in processing AML. Furthermore, with a highly manual process carried out
centrally, portfolio managers submitting new client details from branches are blind to
the status of the AML check until complete.
Redmayne Bentley decided to invest in Invu to streamline AML compliance, using the
Invu API to develop a new application. All the documentation related to the AML
checks is scanned and held within Invu and then matched automatically to the
relevant client. This single source of information enables both portfolio managers and
compliance officers to know at any time how far each client has progressed through
the process and what information is outstanding.
“There is no doubt
that Redmayne
Bentley will achieve
significant cost
savings over the
coming years as a
result of reducing the
administrative
overhead and
improving the
efficiency of the
centralised control
functions.”
Return on Investment
As a result of this investment, additional people across both head office and branches have also been redeployed towards client
facing activity; while portfolio managers’ administrative time has been significantly reduced, providing more time with clients.
In addition to reducing the amount of paper storage space required at head office – and being able to save on storage space
– the investment in Invu has delivered quantifiable cost savings.
“While cost was not the main driver for this investment, there is no doubt that Redmayne Bentley will achieve significant cost savings
over the coming years as a result of reducing the administrative overhead and improving the efficiency of the centralised control
functions which assists portfolio client managers in more efficiently managing portfolios,” says Ed Sibley.
Indeed, with Invu now used across the entire company, from Human Resources to branches, everyone is benefiting from the
reduction in time spent searching for documents. The company estimates that the combination of Invu and the in-house developed
line of business applications will deliver an annual saving through improved efficiency and streamlined compliance activity.
About Invu:
Invu develops both Electronic Document Management (eDM) and Accounts Payable (AP) software solutions for a range of sectors,
particularly those which are highly document dependent or where compliance is important. Invu's comprehensive product suite
encompasses document and content management, workflow, document automation and collaboration solutions.