Integrating automatic and human processes with Bonita to improve efficiency
Lombard Odier is an independently owned private wealth management group. It specializes in individualized asset and asset management for private and institutional clients.
Founded in 1796, they have served clients for seven generations and grown stronger through 40 financial crises. Today, they look after over CHF 287bn of client total assets in Switzerland, Europe, Asia / Pacific, and the Americas (end of 2019 communicated figures).
Context of the implementation
Lombard Odier has an internally developed global banking platform. It is used by multiple “customers,” that is, both private customers and external partners.
There are a number of actions that are routinely performed, such as:
- Account closure
- Standard financial reporting
Due diligence today means that the company must now know a client before entering into a relationship. The first process to be developed on the Bonita platform was the customer onboarding process.
Bonita project objectives
The overall objectives of the digital automation project were to:
- Transition to a paperless process
- Manage mix of human and automatic tasks
Enable strong collaboration among different actors over the process
Technical and operational challenges
Some of the challenges faced during the project implementation were the need for fast implementation of a complex project, with integration to Lombard Odier’s existing CRM.
Other processes to be automated by Lombard Odier include organizational process such as:
- Change of customer circumstance or data
- Periodic review
- Processes that assure compliance with MiFID II regulations
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