How Blue Prism Digital Workers Saved MMC’s Employees from Working Late Nights

MMC is New Zealand’s leading provider of full outsourced investment administration services. MMC provides investment administration services for 30 investment managers and product providers and more than 70 groups of investment professionals with funds under administration over NZ$100 billion.

Challenge
MMC offered a new service to one of their key clients, which allowed them to “switch” funds from one account to another instead of buying and selling and being out of the market when rebalancing portfolios back to agreed asset allocations. However, this new process saw the transaction volumes increase dramatically for the trading team. The new service produced between 160 and 600 trades, which all needed to be manually processed at the beginning of each month, whereby the repetitive settling of the switched trades could take up to six hours. To work through this on time and enable service level agreements to be met, MMC’s employees were at times working late nights. Complicating matters was the error-prone nature of manual processing, which could negatively impact the overall client experience.

Solution
To manage the settling of these trades more effectively and to reduce operational risk from incorrect information being entered into the system for these fund switches, MMC deployed intelligent automation. It’s a task that Blue Prism digital workers now complete in under five minutes. In addition to the significant improvement in time, employee satisfaction has increased since they are no longer spending their Friday nights entering data. What’s more, the digital workers have entirely removed any manual keying errors. And at peak trading times, when trade numbers can top 600, the Blue Prism digital workforce can easily and instantly scale its capacity. This has helped MMC deliver even better services for their clients and improve their employees’ experience.

Business Impact