Bridgeharbour, a Hong-Kong wealth management firm and subsidiary of BIPPO Advisory Group provides wealth management services for high-net worth individuals across China. The firm was growing rapidly but still used manual systems to pull account data when customers requested it. It also needed a better way to communicate with its growing client base. The predominantly manual system created a potential security risk, given the number of people with access to sensitive information in its customer relations management system. Mainland China and Hong Kong have stringent laws protecting personal information. The security of the data had to be nailed down. There was no room for error.
Bridgeharbour partnered with PwC to develop a robotic process automation (RPA) solution integrated with one mobile app platform for handling and updating customer information. Through a thorough understanding of the company and its industry, PwC helped to revamp the business processes and implement an automated solution to replace the manual actions of customer profile maintenance in their existing CRM system that enhances security, reduces errors and handles routine processes such as contract renewal. The RPA-enabled CRM system is also reducing the need to increase administrative staff as the firm grows and therefore overhead costs have been cut. Additionally, the new platform provides key information to customers via their communication platform of choice, more often than not via a mobile app.
The new RPA solution is like having a guard standing over a firm’s customer data. It enhances client trust, meets regulatory standards and allows Bridgeharbour to provide data securely through external messaging platforms. The combined savings of automating basic tasks and the use of mobile platforms has reduced Bridgeharbour’s labour costs by 90%. For the next iteration of the RPA application, Bridgeharbour and PwC plan to explore the use of a facial and voice recognition tool to further protect customer data.
“Working with Bridgeharbour, we were able to bring together our expertise with theirs to create a secured platform to help the company improve its customer service. The use of a sophisticated robotic automation process also brought a level of cost savings that allowed the team to focus resources on providing customers with a high level of personalised support.”
“We value very much a business partner like PwC to assure that the solution and business processes governed by the solution are clearly spelled out and compliant to regulation landscape in China. RPA technology, as nimble and effective as it is, can only solve part of our problem. A deep understanding of the nature of our business, including the core processes, the regulations and the risks associated, has to be in place to successfully transform operations.”