Back Office Operations System Dev for Wealth Management Firm
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Custom Software Development Mobile App Development UX/UI Design
- $50,000 to $199,999
- Jan. 2022 - Jan. 2024
- Quality
- 5.0
- Schedule
- 4.5
- Cost
- 5.0
- Willing to Refer
- 5.0
"Singular Design's team showcased an impressive depth of understanding."
- Financial services
- Guatemala
- 11-50 Employees
- Online Review
- Verified
Singular Design has been hired by a wealth management firm to revamp and modernize their back office operations. They've developed a system that would improve client accessibility to investment data.
The new system built by Singular Design has reduced manual input and processing time from 20 days to 3 days, improving operational efficiency. The automated data integration has also reduced the error rate by 98%, increasing data accuracy. Moreover, the client's staff find the system easy to use.
The client submitted this review online.
BACKGROUND
Please describe your company and position.
I am the Head Wealth Management Division
Describe what your company does in a single sentence.
Wealth Management for clients
OPPORTUNITY / CHALLENGE
What specific goals or objectives did you hire Singular Design to accomplish?
- Help develop a system that makes our back office process more efficient, organized and automatized.
SOLUTION
How did you find Singular Design?
Referral
Why did you select Singular Design over others?
- High ratings
- Close to my geographic location
- Pricing fit our budget
- Good value for cost
- Referred to me
- Company values aligned
How many teammates from Singular Design were assigned to this project?
6-10 Employees
Describe the scope of work in detail. Please include a summary of key deliverables.
- Background: Our company identified a need to modernize its back office operations and improve client accessibility to investment data. Singular was engaged to assist in this endeavor.
- Key Deliverables:
- Back Office Automation System: Design and implement a system to automate routine back office tasks. Integration with existing company databases and systems. Training for our company staff on the new system.
- Client Access Portal: Development of a secure online platform for clients. Real-time display of client investment data. User-friendly interface with easy navigation. Multi-device compatibility (desktop, mobile, tablet). Secure login and authentication mechanisms.
- Data Integration: Seamless integration of real-time investment data into the client portal. Ensure data accuracy and integrity. Regular system backups and data redundancy measures.
- Testing and Quality Assurance: Comprehensive testing of both back office automation and client portal systems. Addressing any bugs or issues identified during testing. Ensuring the platform meets industry standards and regulations.
- Training and Support: Training sessions for company staff on the new systems. User manuals and documentation. Ongoing technical support and system updates as required.
RESULTS & FEEDBACK
What were the measurable outcomes from the project that demonstrate progress or success?
- Operational Efficiency:
- Before: company's back office operations required manual input and processing, taking an average of 20 days to send all reports.
- After: With the automation system in place, the average time spent on similar tasks reduced to 3 days, marking a significant improvement in efficiency.
- Client Portal Usage:
- Before: Clients had no direct access to their investment data and relied on periodic reports or direct communication.
- After: Post-launch, 100% of company's clients registered on the portal within the first month, and most actively use the platform monthly to monitor their investments.
- Data Accuracy and Integrity:
- Before: Manual data entry led to an high error in investment reports.
- After: Automated data integration reduced the error rate to 98%, enhancing the reliability of the data presented to clients.
- Client Satisfaction:
- Staff Training and Adaptation:
- Before: Staff relied on traditional methods for back office operations and client communication.
- After: Post-training, 100% of the staff reported ease in using the new system, and 100% noted a reduction in client queries due to the self-service nature of the portal.
- System Uptime and Reliability:
- Before: No system.
- After: The new platform ensured consistent availability for both staff and clients.
Describe their project management. Did they deliver items on time? How did they respond to your needs?
- Approach to Project Management: Singular adopted a structured and systematic approach to project management. They utilized modern project management tools and methodologies, ensuring that every phase of the project was meticulously planned and executed. Their team was organized, with clear roles and responsibilities assigned, ensuring that there was no overlap or confusion.
- Timeliness: Singular consistently delivered items on schedule. From the initial phases of design to the final stages of implementation, they adhered to the agreed-upon timelines. Any potential delays were communicated well in advance, and they often took proactive measures to mitigate any risks that could impact the schedule.
- Responsiveness to Needs: One of the standout qualities of Singular was their responsiveness. Whenever we raised concerns or provided feedback, they were quick to acknowledge and address them. They maintained open channels of communication throughout the project, ensuring that our needs and preferences were always at the forefront of their work. Their agile approach allowed for flexibility, making it easy to incorporate any changes or adjustments as the project progressed.
- Client Collaboration: Singular emphasized collaboration. Regular update meetings were scheduled, where they presented progress, sought feedback, and discussed the next steps by using a very efficient platform "Singular Stories" . This collaborative approach ensured that we were always in the loop and that the final product was aligned with our vision and requirements.
- Problem Solving: On the few occasions where challenges arose, Singular showcased their problem-solving prowess. They approached issues with a solution-oriented mindset, ensuring that any problems were resolved efficiently without compromising the quality of the work.
- Feedback Integration: Singular was receptive to feedback. They viewed it as an opportunity to refine and improve the project. Every piece of feedback we provided was taken into consideration, discussed in detail, and, if deemed beneficial, integrated seamlessly into the project.
- Rating: Given their exemplary project management skills, timely deliveries, and exceptional responsiveness to our needs, I would rate Singular a solid 9.5 out of 10 for their work on the Reporting Platform Development Project. Their dedication to client satisfaction and commitment to excellence was evident throughout our collaboration.
What was your primary form of communication with Singular Design?
- Virtual Meeting
- Email or Messaging App
What did you find most impressive or unique about this company?
What stood out most about Singular was their ability to quickly understand the intricacies of our complex investment landscape. The world of investments is multifaceted, with various asset classes, each presenting its unique reporting challenges. Singular Design's team showcased an impressive depth of understanding in this realm. Singular's strength lay in their ability to grasp the nuances of different asset classes.
Whether it was equities, fixed income, or alternative investments, they demonstrated a comprehensive understanding of each. This knowledge was not just theoretical; they knew the practical challenges associated with reporting and managing each asset class. Their platform presented a way that made sense to both seasoned investment professionals and clients with limited investment knowledge. This balance is hard to strike, but Singular managed it very well.
Furthermore, their system was not a generic one-size-fits-all solution. It was tailored to our specific needs, reflecting a deep understanding of our operations and the investment world at large. The platform they developed seamlessly integrated the diverse asset classes, ensuring consistent, accurate, and user-friendly reporting across the board.
Are there any areas for improvement or something Singular Design could have done differently?
No
RATINGS
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Quality
5.0Service & Deliverables
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Schedule
4.5On time / deadlines
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Cost
5.0Value / within estimates
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Willing to Refer
5.0NPS