UK-based Old Mutual Wealth has chosen DST’s Opendoor to deliver new online digital services. DST is a global provider of strategically unified data management, business processing, and customer communication solutions.
Its Opendoor product is an e-commerce digital platform designed to deliver operating efficiencies and improved customer service to wealth managers.
The platform provides a single customer view for institutions, superannuation funds, and third-party administrators. The solution’s e-commerce, enterprise data management, and content management capabilities give wealth managers and advisers access to a suite of products and services via a multi-channel portal that manages all online and mobile content.
With the agreement, Old Mutual Wealth will consolidate multiple websites and microsites onto Opendoor, DST’s front-office solution. The consolidation will provide Old Mutual Wealth with a consistent process and usability across its customer, adviser, and contact centre operations. The UK-based firm plans to begin re-platforming
its public websites in Q2 2015.
Old Mutual Wealth is already in the process of outsourcing its back-office operations to International Financial Data Services (IFDS), a 50/50 joint venture between DST and State Street Corporation. As part of that project, Old Mutual Wealth’s UK retail platform business is being migrated onto Bluedoor, DST’s back-office solution. The new Opendoor agreement complements the work already underway, the company says.
DST Executive Director Martin Spedding, Opendoor says: “Organisations accumulate a number of disparate products and systems over time as a result of mergers and acquisitions or ongoing investment which often results in inconsistent customer data and management information. Opendoor has the ability to provide real-time straightthrough processing across multiple systems with a 360-degree view, enabling organisations to see all their customer financial positions in a snapshot.”
Under the arrangement, Old Mutual Wealth and DST have already launched a digital magazine, Digital Informer, to thousands of advisers, replacing an existing paper-based product with a realtime interactive magazine including market data feeds. DST is currently developing Old Mutual Wealth’s customer-facing public websites, due for delivery later this year and is also in discussions to do the same for its recently launched online customer centre.
“We want to ensure we’re operating on the best technology available so that we can provide the best possible service to advisers and customers,” says Jeremy Charles, Chief Operating Officer at Old Mutual Wealth. “The Opendoor platform will enable us to keep up to date with the latest mobile technologies that are becoming crucial in the delivery of financial services in today’s market.”