In our experience, sales, operations, and compliance departments all need to know two things. First, you’ll need to prove to these departments that automation will benefit them, and second, you’ll need to show that the rollout of your new system will be orchestrated to minimize upheaval. Our CTO, Adam Zimmer, has already discussed how staging your onboarding automation can minimize business disruption and maximize early ROI. A strong implementation plan and good training will help to alleviate any further anxiety your front-line staff are feeling about using a new system, and it won’t be long before they are noticing the advantages of automated onboarding first-hand.

But long before you reach the implementation stage in your onboarding automation program, you should consider providing your sales, operations, and compliance departments with a list of the department-specific benefits they’ll experience from onboarding automation, so they know why the change is worthwhile for their team. To assist with this, we’ve prepared a solution summary on the department specific benefits of client onboarding automation to help you through early discussions of client onboarding automation, and we invite you to review it. And of course you are always welcome to contact us if you have further questions about how to get  everyone at your firm thinking about client onboarding automation.

A simple example can illustrate this; recently I have seen some press regarding the attempt to re-open divorce settlements in light of change in circumstances. There are examples on both sides from the spouse who settled only to discover years later their ex-spouse wins the lottery or the spouse who can no longer make alimony payments after losing their job (think disgraced Wall Street bankers here). In either of these cases the advice you would give the client would substantially change before or after these life changing events.

From my experience, account updates have always been less talked about but in many cases more frequent from a volume perspective. Simply put, you only open an account once, but update client information every 36 months. During our client onboarding automation projects, we’ve seen the frequency of account update activity at 100-300% that of account opening activity. This statistic varies based on factors like the state of the economy, and the size of the firm’s existing book of business (e.g. young firms tend to see more account opens and less updates for instance). But regardless of this variance, account updates are a pivotal part of the business done by mutual fund dealers and brokerage firms alike.

The good news is that implementation of an onboarding tool can take you a long way towards solving your update problems as well. In most cases you already have all the forms mapped, and business rules identified; all you need is the update workflows. Often the update workflows are simpler and tend to fall into two camps: material and non-material changes. Finally, your onboarding tool can even schedule account reviews based on the elapsed time since the client was onboarded.

It is great to get new clients but to keep them requires an up-to-date understanding of their financial position. It is important to ensure that this is done pro-actively versus re-actively when a customer can’t place a trade due to out-of-date/incomplete information.

Adam Zimmer
VP of Product Development & Chief Technology Officer
Doxim Inc.

Many thanks to everyone who joined us at the western 2013 Doxim Exchange Credit Union and Wealth Management Client Conferences in Vancouver, British Columbia this past week. The events were packed with informative sessions, the latest news on Doxim product developments and guest speakers. Our annual cocktail reception and dinner rounded out these well attended events. Our awards ceremony celebrates customer and partner achievements.  This year, we had the pleasure of recognizing the following customers:

Green Giant Award
This award is presented to the customer who has achieved the highest eDelivery rates.

2013 Recipient: Revelstoke Community Credit Union

Innovator of the Year Award
This award goes to the customer who has shown us what innovation is all about, finding unique ways to use Doxim solutions to improve performance and productivity.

2013 Recipients: Interior Savings Credit Union and Haywood Securities.

First Mover Award
This award recognizes the customer who has demonstrated a willingness to be ahead of the curve and become early adopters of new solutions to improve performance and productivity.

2013 Recipient:  Leede Financial Markets Inc.

Business Appreciation Award
Recipients of this award are long standing customers and partners of Doxim, showing a continued commitment to Doxim and its products and services.

2013 Recipient: Central 1 Credit Union

Doxim Exchange Client Conference East
It’s not too late to Register!

We are busy making final preparations for the 2013 Doxim Exchange East, taking place in Richmond Hill, Ontario on May 15^th for our Credit Union customers and May 16^thfor our Wealth Management customers.

This year, our conference highlights include a number of interesting topics, exclusive peer feedback and success stories, and the latest news on Doxim product developments that you don’t want to miss!

Conference Agenda
Find out what we’re covering for our Wealth Management and our Credit Union events.

If you’ve never been to Doxim Exchange before check out our video montage from 2012, with all the highlights from last year’s conference! We look forward to seeing you there!

Reserve your seat today!

For more information visit Doxim Exchange 2013, or contact Taria van Weesenbeek at: tvanweesenbeek@doxim.com.

Advisors had limited visibility into account status during the approval process, which meant they couldn’t tell their clients what was going on. Application rejections increased costs and impeded timely account opens. And the Worldsource team noted excessive costs associated with printing and storage of pre-printed forms, and pricey courier bills for high priority accounts. Clearly, something had to be done.

Worldsource selected OpenAdvantage® by Doxim, our electronic client onboarding platform, to automate their client onboarding process, including over 1000 questions, 2 workflows and 175 business rules, supporting advisors and head office across Canada.

The staff at Worldsource have shared with us some of the key successes they experienced as a result of implementing OpenAdvantage®. These include faster account opens, and dramatically reduced Not In Good Order (NIGO) rates and paper-related costs. Worldsource advisors can now monitor account status during onboarding at the touch of a button, a feature which benefits both advisors and their clients.  But equally important to us, Caroline Sixsmith, V.P. of Operations at Worldsource, describes the experience of working with our team as “remarkable” and notes that “They offered advice on how to optimize the system to meet the needs of our business”. We are always delighted to see a partnership work out this well! To learn more about our successful collaboration, you can read our full customer success story.

Doxim is very pleased to announce today that is has been included in the Branham300 listing for the third consecutive time and the fourth time overall. It has also been recognized as a top 20 Mover and Shaker for the first time.

The Branham300 is the definitive listing of Canada’s top publicly traded and privately held Information and Communication Technology (ICT) companies, as ranked by revenues. The listing is widely considered to be a leading source of intelligence on Canada’s ICT industry.

Branham’s top 20 Movers and Shakers list comprises those organizations within the top 250 list that have moved up the most places in a given year.

Here’s what our President and CEO, Chris Rasmussen has to say about this honour:

“It’s great for Doxim to be recognized in this prestigious list of top ICT companies in Canada. It’s also particularly gratifying to be ranked in the top 20 Movers and Shakers – a testament to all the hard work our team does to keep our customers satisfied. And a clear indication that Financial Service Providers in North America continue to recognize huge value in the products and services that Doxim delivers.”

Click here to read the full news release.

Toronto, Ontario, April 24th, 2013
Doxim, a leading provider of Automated Client Onboarding, cloud-based Enterprise Content Management and Advanced Document Processing solutions for Financial Service Providers, today announced that is has been included in the Branham300 listing for the third consecutive time and the fourth time overall. It has also been recognized as a top 20 Mover and Shaker for the first time.

The Branham300 is the definitive listing of Canada’s top publicly traded and privately held Information and Communication Technology (ICT) companies, as ranked by revenues. The listing is widely considered to be a leading source of intelligence on Canada’s ICT industry.

Branham’s top 20 Movers and Shakers list comprises those organizations within the top 250 list that have moved up the most places in a given year.

Executive Quotes

“It’s great for Doxim to be recognized in this prestigious list of top ICT companies in Canada. It’s also particularly gratifying to be ranked in the top 20 Movers and Shakers – a testament to all the hard work our team does to keep our customers satisfied. And a clear indication that Financial Service Providers in North America continue to recognize huge value in the products and services that Doxim delivers.”
Chris Rasmussen, President and CEO, Doxim

“It’s a real pleasure to see companies like Doxim continue to make the Branham300 listing again and again. It’s a strong indicator of positive revenue growth, achieved through the consistent application of solid management best practices. Our congratulations go out to Chris and his team across the country.”
Wayne Gudbranson, President and CEO, Branham Group

# # #

About Doxim:

Doxim builds and delivers automated account opening software, cloud-based Enterprise Content Management, and advanced document processing solutions for Financial Service Providers and their outsourcing partners. These solutions are used by thousands of clients in banking, credit unions, wealth management and investment brokerages to create, deliver and manage business critical documents and content more efficiently and cost effectively. Doxim solutions help these organizations to improve client communications, streamline document access and meet the stringent compliance requirements associated with transactional document output and delivery. Doxim is an SSAE16/CSAE 3416 compliant organization. Find out more at www.doxim.com.

Media Contacts:

Sean O’Donovan, V.P. Marketing & Products, Doxim Inc.
sodonovan@doxim.com, +1-416-840-9910

The Challenge
As a wholly owed subsidiary of Westminster Savings, WS Leasing stores all copies of active leases on premise in paper file storage. This file storage was reaching capacity and WS Leasing needed additional space to store new lease documentation.  The overall costs associated with both on-site and off-site storage was running close to $79,000 per year and the cost for additional space to store new leases was only going to escalate over time.

The Solution
Following a detailed analysis, it rapidly became clear that there would be many advantages gained from adopting a document imaging process to get lease documents into an electronic archive for online access. WS Leasing eventually selected Doxim easyCapture for its scanning needs.

From Pilot to Production in One Month!
WS Leasing started a pilot project to switch to document imaging for all of its leased documents and went fully live just one month later. The result?

• An immediate operational saving of over $26,000 per annum.
• Faster and easier access to lease documentation for all staff members.
• Improved customer service delivery

Download the entire case study.

Read more customer success stories in our Resource Library.

Visit our website for more information on Doxim’s Document Imaging solutions.

Join a webinar!  Doxim’s complimentary webinar sessions are engaging, informative and interactive.

In responding to this question, I often think of a tidbit I picked up when I worked in handwriting recognition. For handwriting recognition, 80% accuracy is pretty good. I was surprised to learn this. I seem to remember saying “so our software is wrong 20% of the time and this is good?” The response I got really changed my thinking. It was “Yes, but we know the 20% of the time we are wrong and we route those through a manual process.” The implications of this were staggering. Using the handwriting tool, 80% of the review cost could be avoided, as an employee did not have to review the bulk of items manually. Similarly with client onboarding; if we can speed up 80% of the account opens right away there is huge value there.

Luckily, this is relatively easy to do. In fact, wealth management firms open many types of client accounts but just a  few of them make up the bulk of the business. For example in most firms: Individual regular and retirement accounts, Joint accounts and corporate accounts often account for >90% of account volumes.

My advice to firms is to focus on these frequent account types for Phase 1 of onboarding automation and defer the others to Phase 2. This allows you to get the ROI from Phase 1 right away, and also allows you to better understand your needs. I remember one firm who deferred  Partnership accounts to Phase 2. But when I came back later and asked whether we should start automating Partnerships and they said they no longer opened many Partnership accounts. I was surprised until they explained that when advisors saw how easy it was to open Joint clients after Phase 1 they routinely instructed clients to open Joint accounts instead.

A multi-phase approach to onboarding, then, makes sense in terms of early ROI generation and speed of implementation, and it also allows you to tailor Phase 2 to your business needs going forward. Plus, it minimizes disruption to the firm during the implementation process, which is crucial for the day to day functioning of your organization.

Adam Zimmer
VP of Product Development & Chief Technology Officer
Doxim Inc.

Quick Tip – Creating a View for Cheques over $5000

An ECM user with the permission to set up a new view would perform the following steps:

1) Log on to ECM using the appropriate credentials
2) Go into the administration section
3) Click on > Portfolio > Default Portfolio (naming conventions may very from client to client)

4) Click on Create View

5) Click on the “General” tab and enter the information as seen in the example below:

6) Click on “Criteria” tab and enter the information as seen in the example below:

Now you can quickly access cheques over $5000 for verification purposes.

You could even take this a step further and design a workflow to enable staff to verify the cheques. Doing this records who verified the cheque, when it was verified and even IF the cheques have been verified. This simplifies the check verification process and speeds it up.  Your staff will thank you!

Often it’s our customers who come up with ways to simplify everyday processes, so if you have an idea that you would like to share with us, send it to us at tips@doxim.com!