Reimagining Wealth Management with eMACH: Crafting Superior Customer Experiences through Hyper-Personalization with Headless APIs

June 13, 2024

Reimagining Wealth Management with eMACH: Crafting Superior Customer Experiences through Hyper-Personalization with Headless APIs

In the dynamic landscape of wealth management, staying ahead requires more than just innovation—it demands an unwavering commitment to delivering superior customer experiences. WealthForce.ai is proud to be at the forefront of this transformation with our recent collaboration with one of India’s leading wealth management firms in India which exemplifies our dedication to pioneering solutions that redefine industry standards. This groundbreaking project showcased how eMACH architecture can revolutionize customer experience, setting new benchmarks in wealth management.

eMACH (Events, Microservices, API, Cloud and Headless), the most innovative open finance platform that offers Banking & Financial Services Institutions the ability to compose their unique “My Signature Solution”. With the rapidly evolving business environment, it is imperative for financial services institutions to stay ahead of the competition by providing a delightful customer experience. eMACH.ai offers a broad, comprehensive, composable and contextual platform that delivers capability to compose technology solutions to revolutionize the way financial services institutions operate.

Project Overview: Breaking New Ground

Our partnership with them marked a significant milestone in our journey. We embarked on a mission to leverage eMACH architecture, creating a seamless and hyper personalized client experience.

Here are the key highlights of this innovative implementation:

Headless Implementation

Decoupling Front-End from Back-End: We enabled a third-party vendor to develop the mobile app while we focused on delivering robust 70+ APIs and 20+ Microservices. This separation provided unparalleled flexibility and customization in the user experience, catering to the diverse needs of wealth management clients.

Hyper-Personalized Experiences: The headless architecture allowed us to deliver flexible and highly personalized experiences, which are crucial in the wealth management sector. We could adapt the user interface to meet the specific preferences and needs of different client segments.

Market Differentiation: This customization is vital for wealth management firms looking to stand out in a competitive market.

Core Backend Engine

Relationship Manager Office:

Comprehensive Dashboards: Tools and dashboards that empower Relationship Managers (RMs) to deliver exceptional service by providing real-time insights and analytics.

Client Management: Streamlined processes managing client portfolios, and executing orders with precision and reliability.

Operations Office:

Operational Efficiency: Automated and efficient handling of various back-office functions, including transaction processing, customized reports and compliance.

Data Management: Robust data management systems that ensure accuracy, security, and real-time availability of critical information.

Scalability and Efficiency

Robust Back-End Infrastructure: System seamlessly can handle up to 2.5 million customers, 700 million transactions, and 350 million price records. Event-triggered computations combined with autoscaling made handling large volumes effortless. The architecture is designed to scale seamlessly as the client base grows.

Efficient Operations: The architecture facilitated on the fly computations enabling faster implementation. This reduced the need for recomputation or corrections, maintaining operational excellence and reducing overhead costs.

Key Functionalities Managed

We delivered a robust and comprehensive solution that drives productivity and excellence for them. Our key functionalities encompass both the RM office and Operations Office, APIs and Microservices ensuring unparalleled efficiency and seamless operations.

Prospect Management: Optimized conversion of prospects into customers with streamlined onboarding processes, with tracking and analytics to monitor conversion rates and enhance sales efficiency.

Campaign Management: Comprehensive campaign management including campaign definition, target audience creation using lead rule setup, multi-channel execution and tracking the status of leads in real time for optimal results.

Customer Onboarding: Ensured a seamless onboarding experience to enhance client satisfaction and retention from the very start of their journey.

Risk Profiling: Sophisticated risk assessment tools with customizable questionnaires, real-time scoring and model portfolio recommendations to provide accurate and tailored risk profiles for each client.

Order Management: Simplified and optimized order process post product selection with automated order routing and payment processing. Comprehensive Order Book for precise order tracking and ensuring full regulatory compliance.

Baskets: Baskets are expertly curated investment portfolios tailored to meet specific investment goals or to facilitate theme-based investments. They include a varied spectrum of securities, such as stocks, bonds, Portfolio Management Schemes (PMS), and Alternative Investment Funds (AIF). These baskets can also be customized by users, providing the ability to create Private Baskets that cater to unique investment preferences.

Reconciliation: Automated reconciliation processes for trades, holdings and trail fee with provision for threshold maintenance ensuring accuracy, reducing manual errors and maintaining regulatory compliance.

Real-Time Portfolio Analytics: Advanced analytics to provide clients with deep insights into their portfolios. The architecture enables multifaceted insights into portfolios, facilitating informed decision-making in dynamic market conditions. Clients can see the impact of specific Multi-level Portfolio Analytics: Customer, Portfolio, Asset, Sub Asset, Product, Category, Security etc.

RM and Supervisor Dashboards: Tools and dashboards to support Relationship Managers (RMs) and Supervisors in delivering exceptional service. These dashboards facilitate better client interactions and efficient management.

Customer Statement and MIS Reports : Detailed Customer Statements covering Portfolio and Benchmark Performance, Look Through Analysis, Holdings, Transactions, Ageing Statement, Capital Gains, Grandfathering and 50+ MIS Reports ensuring access to thorough and transparent information.

A Glimpse into the Future

Our partnership with them has set a new benchmark in the wealth management sector. By leveraging eMACH architecture, we have enabled them to offer unparalleled personalized services, enhancing their competitive edge in the market. This project underscores the transformative power of cutting edge technology in elevating client experiences and equipping wealth management firms with the tools to thrive in a rapidly evolving landscape.

As we look to the future, we remain steadfast in our commitment to innovation in wealth management. By leveraging advanced technology and visionary solutions, we are excited to continue our journey of transforming client experiences on a global scale. Stay tuned for more insights and updates as we set new standards of excellence in the wealth management industry.

Author

Mahipal
Mahipal Reddy
Product Manager
Linkedin
Swati
Swati Raman
AVP Product Manager
Linkedin

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