Fidelity's XTRAC Solutions Examines the "Cost of Waiting"
BOSTON – XTRAC Solutions, a Fidelity Investments company, today announced a new program to help financial institutions identify and reduce the bottom-line business costs and risks that result from delaying the automation of business processes. By recognizing and quantifying the cost of waiting to modernize workflow, we estimate that organizations can save 15% a year or more, which can be millions of dollars for a medium-to-large sized company.
"'Maybe next year' is a common refrain for businesses when it comes to implementing up-to-date technology and processes - but there’s a significant cost to waiting," said Dan Brownell, President and CEO of XTRAC Solutions. "The sooner they move, the sooner they can grow their business by re-directing those savings toward improving business agility, risk/compliance controls, and their customers’ experience."
As a part of this program, XTRAC commissioned research that included in-depth interviews with 20 senior financial services industry executives from banks, insurance companies, and wealth management firms ($10 million+ annual revenues) in operations and client service functions. Virtually all of them have manual workflow processes in place that have cost, risk, and quality implications for their organizations.
Even those that have adopted automated workflow process solutions still have manual processes that directly impact the customer experience or pose both financial and reputational risk. The research also found that many shared similar challenges in streamlining operations and held common attitudes about potential solutions. In addition, financial services executives over-estimate the effort and costs involved with modernizing their business processes, while under-estimating the benefits.
Following the research, XTRAC created a new Workflow Cost Calculator to help organizations understand their cost of processing work and documents, including addressing errors, providing reports, and assessing an organization’s savings opportunity. The calculator adjusts for factors including the number of transactions, the volume of documents stored and even the hourly rate of a company’s staff. It also generates a customized report with recommended actions to take.
XTRAC also published an easy-to-read online eBook so readers learn the 5 misperceptions that executives have when it comes to workflow automation along with the realities that prove the cost of waiting and the importance of acting now.
"This may come as a surprise to many, but the cost to implement automated business processes is modest, with no IT capital or other resources needed," said Brownell. "Implementing workflow used to be heavy, daunting and mundane. With this new program, we've shown that it’s lightweight, fast, and inexpensive. Frankly, it’s a no-brainer."
For more information, you can also visit the XTRAC website.
About XTRAC Solutions
XTRAC Solutions, an independently operated subsidiary of Fidelity Investments, is a leader in business processing, workflow and document management. Founded more than 20 years ago at Fidelity, XTRAC (Cross-business Tracking Routing & Control) is the engine for continuous improvement across the firm. 30,000 individuals across 15 countries in various companies including banks, brokers, investment managers and other financial institutions, use XTRAC to improve client experiences, grow their businesses with operational efficiency, and facilitate compliance in a highly complex and evolving regulatory environment. XTRAC processes more than 44 million work items annually and more than one billion documents are stored on the secure cloud platform used by XTRAC. Headquartered in Boston, Mass., XTRAC employs more than 175 people in multiple sites around the U.S. and the world. For more information about XTRAC, visit: www.xtracsolutions.com.
About Fidelity Investments
Fidelity’s goal is to make financial expertise broadly accessible and effective in helping people live the lives they want. With assets under administration of $5.2 trillion, including managed assets of $2.1 trillion as of March 31, 2015, we focus on meeting the unique needs of a diverse set of customers: helping more than 24 million people investing their own life savings, nearly 20,000 businesses to manage their employee benefit programs, as well as providing nearly 10,000 advisory firms with technology solutions to invest their own clients’ money. Privately held for nearly 70 years, Fidelity employs 41,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.
The Risk To Your Business You May Not Even Know You Have: Financial Institutions Driving Blind, A commissioned study conducted by Forrester Consulting on behalf of XTRAC Solutions, January 2014
XTRAC and the XTRAC Solutions logo are service marks of XTRAC LLC. Fidelity, Fidelity Investments, and the Fidelity Investments logo are registered service marks of FMR LLC.
Fidelity Brokerage Services LLC, Member NYSE, SIPC,
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Fidelity Investments Institutional Services Company, Inc.,
500 Salem St., Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC,
200 Seaport Boulevard, Boston, MA 02110
© 2015 XTRAC LLC. 2015 FMR LLC. All rights reserved.