Does your asset management firm suffer from slow, tedious processes?
If your answer's 'yes', you'll be pleased to know that we have a simple solution.
Microsoft's Power Automate is a workflow automation tool that transforms business processes with low-code, streamlined workflows. The suite of tools is capable of reducing errors by 27.4 percent, allowing firms to spend more of their time on other higher-value activities.
So, with that being said, we'd like to show you the areas where Power Automate can have the biggest impact on your asset management firm.
Polish-up your processes
Asset management firms face surmounting pressure to accelerate their adoption of automation. This is so they can provide reliable oversight, governance, transparency, and regulatory compliance.
Fortunately, Power Automate can improve your firm's business processes with minimal technical input needed.
Let's have a look at where it can help the most:
1. On-boarding new clients
Did you know that financial institutions can spend anywhere from two weeks to an extraordinary 34 weeks onboarding a new client?
Client onboarding is a critical process that drives customer satisfaction and revenue growth. But it doesn't have to be handled manually.
With Power Automate, you can provision an AAD (Azure Active Directory) User to streamline the onboarding process. Based on selected triggers, automated emails are sent to the new client as required. It's a great way to alleviate the pain of time-consuming manual steps.
By increasing transparency, enhancing visibility into client profiles, and improving data quality, your firm can streamline the entire onboarding process and improve the overall customer experience.
2. App development
To remain efficient, secure and competitive, your firm may be interested in the idea of developing an in-house data platform to suit your needs.
Your firm can use Power Automate to create your own, customised low-code applications that meet your unique operational and security requirements.
For instance, one of our clients developed a trade system workflow. The system separates responsibilities, reduces lengthy, manual administrative steps, and simplifies trade ingestion down to one process.
You can embed Power Automate into your app or website using flow widgets to give your users a simple way to automate their personal or professional tasks.
3. Ensuring regulatory compliance
The FCA, in their 2020/21 business plan, stated they will take action against firms that continue to under-invest in technology, particularly where this negatively impacts a firm’s ability to meet regulatory requirements.
Power Automate is built on rigorous privacy and compliance standards. The Power Automate Management connector enables admins to automate several IT tasks. These include:
- Creating, editing and deleting workflows
- Modifying the owner of workflows
- Approving and ensuring strict access to documents
- Configuring data loss prevention policies
- Securing input and output in workflows
- Setting up duplicate detection rules
- Grouping flows with the Common Data Service
Regulatory demands, and any fines associated with a failure to comply with them, aren't going anywhere. This means that your asset management firm will need to step up to ensure complete compliance.
Power Automate simplifies the data compliance process and offers your firm much needed peace of mind.
Embrace the impact of Power Automate
Automation needn't be hard.
Power Automate is your firm's low-code answer to improving burdensome, day-to-day tasks, as well as reducing the risks and costs associated with manual processes.
If you'd like to adopt simple (but effective) automation within your firm, take a look at our thorough Power Automate guide.