Investment Management - Northern Trust

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Low Service Efficiency:

An increase in demand for enhanced services has been triggered by the growth of alternative investments. There is a need for the refinement of existing services and products to be met with improved efficiency.

Manual Documentation Practices:

The processes of onboarding clients and managing documentation are characterized by a predominantly manual approach, resulting in extended durations for task completions.

Slow and Cumbersome Data Management System:

The data management has been impeded by the presence of four separate legacy platforms, which have led to the operation and storage of data in silos. Significant data duplication has been encountered, contributing to confusion among different teams in accessing and retrieving authentic and current data. There is a lack of advanced technology and architecture in the current capabilities for accounting and investment data management.

• Develop and sell more investment administration business, including ability to be custody agnostic.
• Modernise the platform using the latest technology. 
• Automate document capture and digitisation of fund data.
• Create data driven functionality across products and services.
• Maximise global operational and servicing footprint.
• Deliver consistent, fast, and high quality service standards, Retain clients & remain competitive.
• Provide enhanced data and reporting.
• Expedite time to market of new products and services.

1. Improve Efficiency in Task completions
2. Avoid Reworks and Duplications of data in the current process
3. Presentation and management of Asset Data
4. Facilitate effective monitoring of the Automation process
5. Improve Configuration and Management process of Fund Company portals

• Limited time and space for extracting User Requirements
  • Conducting proper User Research was a challenge due to time constraint.
  • It was discovered that the User Tasks list was predominantly very huge and 80% of the task details had to be uncovered within a limited timeframe. 
• Constrained time limits for Conceptualisation
  • It was difficult for the users and stakeholders to analyse the current problems and discover new requirements until they could see something concrete as an interface or prototype to start adding details on it. The conceptualisation part had to be rapid and iterative within a given time.
• Design Evaluation and Implementation
  • Since the requirements were getting formed during the conceptualisation stage, it was very important to evaluate the concepts while the requirements were getting formed and added on