Driving Massive Cost Savings for a Global Investment Management Firm
Reduce reporting complexity and TAT delays
Client focuses on investments in mortgage and consumer credit including whole loans, asset backed securities, mortgage servicing rights, and other credit-related assets.
Client faced huge challenges with their investor reporting and remittances reconciliation. Reporting for all 500+ of their investors was managed on numerous and complex spreadsheets, with manual reconciliation, resulting in delayed turnaround time (TAT). The delayed TAT led to financial penalties, errors, and more than 40% of the staff was (in some way) involved in reporting.
Streamline and automate processes
ThoughtFocus quickly analyzed existing processes and proposed building a complete investor remittance management system that would streamline processes. Within 8 months, ThoughtFocus built and rolled out the services and technology. The completely automated system included remittance calculation, investor reporting, and fee calculations with zero errors, using 50% less resources. The system connects directly with an integrated cash and risk management solution to receive daily bank feeds for the new reconciliation module. Remittance time has been reduced from 2 hours to 25 minutes.
Automated System Design & Rollout
Remittance Time Reduction
ThoughtFocus has successfully developed a pricing engine, under writing system, broker portal and is now automating the document processing system. This has resulted in huge cost savings.
Flexible technology and operations partner
In an 8-month period, ThoughtFocus conducted detailed business requirements gathering, created functional & technical design and implemented the system.
Delivered each functional module using agile development methodology and the customer is on target to initially reduce its workforce by 60%.
The system was designed to be deployed on Microsoft Azure – the first cloud implementation for the customer.
Other business groups are currently looking into using various modules of this system to streamline their business processes and ThoughtFocus is conducting business process re-engineering studies.