Synergy Capital Management

Posted: 12.05.09  |  Created by: Do Something

Below is a synopsis of an Adobe case study featuring Synergy Capital Management. Click here for a full un-edited version.

At a glance

• Synergy Capital Management Limited offers funds administration products and services via independent planner networks to the public
• previously a 44-page application form had to be completed by hand to open an account
• Synergy wanted to create a smart online application form that would guide an adviser through new account creation
• Adobe LiveCycle ES (Enterprise Suite), including Adobe LiveCycle Forms ES, was chosen as the solution
• LiveCycle ES was used to create dynamic forms viewable with the Adobe Flash Player. Once completed, an Adobe PDF form is produced, pre-populated with all the information the user has entered
• results include a fully automatic account creation process, faster processing and approval, reduced error rates, an improvement in agent productivity of 25% and accelerated online self-service utilisation.

Company Profile

Synergy Capital Management Limited (Synergy) offers funds administration products and services that are distributed via independent planner networks to members of the public. Most account administration is handled by a financial planner on behalf of the investors.

The challenge

Previously, in order for investors to open an account with Synergy, a 44-page application form had to be completed by hand; the paperwork could take up to an hour. Processing bottlenecks were also common.

“There was a lot of back and forth between our processing department and advisers,” says Daayna Marsh, Synergy business development officer. “Deciphering the handwriting of advisers was challenging. Many application errors occurred when conflicting options were selected that contravened industry compliance rules.”

 “We wanted a straight-through processing (STP) solution, whereby all information is entered once throughout a transaction—from initial input all the way through to settlement,” says John Nesbitt, software engineer.

‘Paper-Less’ Strategy

Synergy wanted to create a smart online application form that would guide an adviser through new account creation.

After extensive research, coupled with trials of a number of vendor solutions along with its own internally developed application, Synergy chose Adobe LiveCycle ES (Enterprise Suite), including Adobe LiveCycle Forms ES, for its automated online account creation solution. LiveCycle ES proved to be a clear winner over the other vendors’ solutions.

‘Paper-Less’ solution

The new system enables form data to be retrieved from Synergy’s central repositories and merged with customised forms developed by Synergy.

The user-interface was built using a new feature of LiveCycle ES called Form Guides that allows users to create dynamic forms that can be viewed using the Adobe Flash Player. The data capture process is streamlined by simplifying and customising the information presented to the user. A Form Guide interactively applies business rules to help eliminate errors. Once completed, an Adobe Portable Document Format (PDF) form is produced, pre-populated with all of the information the user has entered.

Adobe LiveCycle Forms ES enables Synergy to leverage the ubiquitous nature of the free Adobe Reader software. A copy of any PDF form and related data can be retained and saved for a user’s records. Due to the highly secure nature of investments, applications still require a wet signature and, once completed, can be printed and sent to Synergy’s processing department.

‘Paper-Less’ results

• fully automatic account creation process
• improved processing and approval time for accounts
• reduced error rates
• improvement in agent productivity of 25%
• accelerated online self-service utilisation.
  

Less than three months after roll-out, Synergy’s clients began expressing appreciation of the new application. Synergy achieved its goal of 25% usage rate of its online form within six months, having achieved 19% in just eight weeks.

The account application form can be completed in five minutes. Processing time has been considerably reduced because illegible handwriting and incompatible data selection has been eliminated. There has been a vast improvement from the 50% to 75% error rate prior to LiveCycle ES.

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