Case Studies / Confident and Synthesis enhance customer experience

Confident, a boutique wealth management firm in Mauritius, creates and manages customised investment strategies for high-net-worth individuals and institutional clients in Mauritius and abroad. The Confident team foresaw a need to create a digital channel to enhance the client experience. They also sought to manage clients’ wealth efficiently and effectively through an easy and intuitive trading and reporting platform. They reached out to Synthesis to create a custom-made wealth management software platform to support their unique service offering.

Challenge

Confident’s priority is to provide exceptional service that meets the unique needs of every client, however, when a client wanted to know their current portfolio position and how it was being managed, they would need to contact their relationship manager. A more efficient process was needed to provide Confident’s clients with immediate access to their portfolios, while making the experience as user friendly and intuitive as possible. This required a system that would allow them to access their portfolios anytime, anywhere.

From an internal business perspective, providing clients with their individualised comprehensive portfolio performance reports was a time consuming and admin-intensive process. Confident’s portfolio managers were required to consolidate various reports from multiple custodian banks in order to construct comprehensive reports, all of which took away precious time from being able to focus on the required strategic portfolio investments aligned with client wealth goals.

Additionally, Confident’s existing fee model inhibited its ability to provide its clients with flexible fee structures (tied to its clients’ unique requirements) and limited the firm to make use of a handful of fee structures.

Finally, Confident wanted a mechanism to swiftly align its client portfolios with its investment models for various markets to optimise client wealth. The Confident team believed that Synthesis was the best provider to resolve these challenges and to increase client satisfaction.

Solution

Synthesis created a tailor-made cloud-first asset management software solution using AWS, making Confident the first asset management firm in Mauritius to adopt cloud. Synthesis chose a microservices architecture serving .NET Core services leveraging ECS, as well as Lambdas in .NET Core and NodeJs to automate uploading files from custodians, reporting, performance and fee calculations. The system also utilises more than 15 AWS services ranging from Kinesis and RDS.  A cost-effective solution was delivered by leveraging AWS Simple Monthly Calculator to derive instances sizes and requirements. The solution is highly available, allowing for swift backup and recovery using terraform to spin up the AWS infrastructure and leveraging automated backups by RDS for data recovery.

The platform enables clients to securely view their portfolios on demand, eliminating the need to contact their portfolio managers to view their wealth. The firm’s clients were empowered by the real-time solution with daily, monthly or quarterly reporting capabilities with their portfolios data integrated from multiple custodian banks allowing them to view their wealth transparently. Clients can now gain access to their portfolios diversified in multiple regions and currencies, while having the flexibility to drill down into individual portfolios over a variety of reporting currencies.Portfolio managers are now able to efficiently generate personalised and insightful reporting for their clients on demand. In addition, they can securely perform trade operations on clients’ portfolios in multiple markets and strategically align the portfolios either to the clients’ strategy or to the various financial models set by the investment committee.

Confident can now create bespoke fee structures for its clients and have them automatically calculated for different custodians.

Results

Created time to focus on portfolio management: Time was no longer spent on creating reports but rather aligning portfolios to clients’ goals. The solution resulted in significantly reduced man-hours previously spent on reporting, saving 50 man-days from each portfolio manager which lead to a total of approximately 300 days saved a year. The solution allowed the firm to grow without having to hire more staff. They could now increase their capacity to strategically achieve their clients’ wealth goals.

Expanded their offerings: the intuitive and easy-to-use platform not only enhanced the firms offering to its existing clientele but is allowing them to broaden target market to attract millennials who seek on-demand quality services.

Customer satisfaction: customers were thrilled with the new and intuitive platform, the insightful reporting, and their ability to view the custodian reports all in one place.

“This digital journey has allowed Confident to offer a cloud-first solution to its clients. Confident is now leading the pack in Mauritius to service clients not only by adopting cutting-edge technology but also through the services it offers to its clients. Confidents’ mission is to provide exceptional customer service and individualised offerings to its clients. They envisioned that adopting technology would enhance the personal touch that the client experiences. It has been a pleasure working with leaders in the wealth management industries in Mauritius and partnering with them to achieve their goals,“ says Kartik Sandlesh,  Synthesis Customer Success Manager (CSM) for Mauritius.

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