Goal
Reducing manual efforts and improving data integrity
Schroders' aim was to streamline its processing workflow by eliminating or simplifying repetitive manual tasks, without removing ownership of those tasks from the involved teams. A single, once-and-done approach to workflows doesn’t work – users require flexibility and control to accommodate the specific client, data, and workflow needs they’re working on. The goal was to access extraordinary power to transform data and create automated processes but with the ability to focus and fine-tune that power according to specific needs.
Managing the immense volume and complexity of data every day was dominated by manual processes, including "eyeball" checks. This led to an increased risk of errors, negatively affecting costs, customer satisfaction, and efficiencies.
For Asset Servicing, one challenge is the large number of PDF documents received monthly or quarterly containing vital information needed for dividend distribution payments. Extracting data from PDFs is traditionally tedious and manual, requiring each document to be individually opened, the relevant information identified, and the data manually transferred into operations systems. The importance of accurate and timely distribution of dividends was not matched by the efficiency and accuracy of the data management and workflow process.
Schroders sought a solution that would eliminate this level of manual processes, while also mitigating any data integrity risks. Data needed to be captured from multiple file types and channels, but also validated to ensure its accuracy and integrity. This all had to occur under the highest level of data governance and regulatory standards, while still keeping the power of the process in the hands of the users.
Login
