Mulesoft Case Studies RBC Wealth Management onboards customers in 24 minutes

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	RBC Wealth Management onboards customers in 24 minutes Mulesoft

RBC Wealth Management onboards customers in 24 minutes

Mulesoft

Technology Category	Application Infrastructure & Middleware - API Integration & Management Platform as a Service (PaaS) - Connectivity Platforms
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Use Cases	Predictive Maintenance Supply Chain Visibility
Services	System Integration Software Design & Engineering Services
Challenge	RBC Wealth Management, a division of RBC Capital Markets, was facing challenges in delivering a world-class customer experience. The company, which has over $379 billion in total client assets and more than 2,000 financial advisors operating in 179 locations across 42 states in the US, needed to further embrace digital to remain competitive. However, achieving these goals proved difficult as RBC needed to unlock critical customer and financial data in siloed legacy systems and integrate that data with modern cloud and on-premises applications across the organization for a single customer view. The company's objectives included automating and connecting siloed legacy systems to digitize paper-based onboarding processes, building a single customer view and improving financial advisor productivity by integrating legacy data with cloud and on-premise systems, and launching a client service portal that streamlines the customer experience. Read More
About Customer	RBC Wealth Management is a division of RBC Capital Markets, founded in 1909. The company has $379 billion in total client assets and operates with more than 2,000 financial advisors in 179 locations across 42 states in the United States. The company is focused on providing a seamless wealth management experience to its customers and advisors. To remain competitive in the financial services industry, RBC Wealth Management is committed to embracing digital transformation and improving its customer experience. Read More
Solution	RBC Wealth Management adopted MuleSoft’s Anypoint Platform to automate and digitize the paper- and mail-based processes for opening a bank account. The company built reusable APIs to unlock and integrate siloed data in LexisNexis, the bank’s client database, and other on-premises, legacy, and cloud systems. This enabled the company to completely digitize the onboarding and account opening process, significantly improving the customer and service experience by reducing the need for manual data entry. After revamping the onboarding process, the RBC team built a single view of their customers’ households via a client service portal. They reused the Accounts API, Clients API, and Documents API from their onboarding project to connect Docupase, Fenergo, and Salesforce Financial Service Clouds, and other systems to build a single customer view. The integration of these systems significantly improved productivity by enabling financial advisors to update client information and respond to client requests. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - API Integration & Management

Platform as a Service (PaaS) - Connectivity Platforms

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Use Cases

Predictive Maintenance

Supply Chain Visibility

Services

System Integration

Software Design & Engineering Services

Challenge

RBC Wealth Management, a division of RBC Capital Markets, was facing challenges in delivering a world-class customer experience. The company, which has over $379 billion in total client assets and more than 2,000 financial advisors operating in 179 locations across 42 states in the US, needed to further embrace digital to remain competitive. However, achieving these goals proved difficult as RBC needed to unlock critical customer and financial data in siloed legacy systems and integrate that data with modern cloud and on-premises applications across the organization for a single customer view. The company's objectives included automating and connecting siloed legacy systems to digitize paper-based onboarding processes, building a single customer view and improving financial advisor productivity by integrating legacy data with cloud and on-premise systems, and launching a client service portal that streamlines the customer experience.

About Customer

RBC Wealth Management is a division of RBC Capital Markets, founded in 1909. The company has $379 billion in total client assets and operates with more than 2,000 financial advisors in 179 locations across 42 states in the United States. The company is focused on providing a seamless wealth management experience to its customers and advisors. To remain competitive in the financial services industry, RBC Wealth Management is committed to embracing digital transformation and improving its customer experience.

Solution

RBC Wealth Management adopted MuleSoft’s Anypoint Platform to automate and digitize the paper- and mail-based processes for opening a bank account. The company built reusable APIs to unlock and integrate siloed data in LexisNexis, the bank’s client database, and other on-premises, legacy, and cloud systems. This enabled the company to completely digitize the onboarding and account opening process, significantly improving the customer and service experience by reducing the need for manual data entry. After revamping the onboarding process, the RBC team built a single view of their customers’ households via a client service portal. They reused the Accounts API, Clients API, and Documents API from their onboarding project to connect Docupase, Fenergo, and Salesforce Financial Service Clouds, and other systems to build a single customer view. The integration of these systems significantly improved productivity by enabling financial advisors to update client information and respond to client requests.

Impact #1	RBC Wealth Management was able to tap into critical data in legacy systems and build solutions to eliminate paper-based processes and cumbersome manual data entry.
Impact #2	The company simplified access to back-end systems via APIs, reducing resources spent on maintenance costs.
Impact #3	The RBC team was able to create and maintain reusable APIs to launch key digital initiatives, such as the client service portal, faster than before.

Impact #1

RBC Wealth Management was able to tap into critical data in legacy systems and build solutions to eliminate paper-based processes and cumbersome manual data entry.

Impact #2

The company simplified access to back-end systems via APIs, reducing resources spent on maintenance costs.

Impact #3

The RBC team was able to create and maintain reusable APIs to launch key digital initiatives, such as the client service portal, faster than before.

Benefit #1	24 minute average onboarding time
Benefit #2	3X faster project delivery time
Benefit #3	50% lower maintenance costs

Benefit #1

24 minute average onboarding time

Benefit #2

3X faster project delivery time

Benefit #3

50% lower maintenance costs

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Overview

RBC Wealth Management onboards customers in 24 minutes

Operational Impact

Quantitative Benefit