Faced with inefficient manual document processing that was hampering compliance and client service, RMBL Investments turned to digital automation for a solution.
The Australian mortgage fund partnered with Appian and implementation specialist Persistent Systems to deploy an AI-driven platform that has boosted document processing accuracy to over 95% and reduced client inquiries by nearly a quarter.
Since implementation, RMBL reports a 23% reduction in client inquiries and 35 hours of weekly time savings for front-line staff. RMBL is one of Australia’s leading first mortgage funds with over $2.25B in assets under management. Facing a compliance challenge due to inefficient storage and retrieval of investment consent agreements, RMBL’s staff previously relied on manually reading and categorising photo scans of these documents. The adoption of the Appian Platform has allowed RMBL to develop investment and borrower portals, facilitating seamless online portfolio management for their clients. The rapid success of this initial implementation led RMBL to expand its use of the Appian Platform to include introducer clients, highlighting the platform’s adaptability and scalability.
“Our move towards digital solutions was driven by a vision to boost efficiency and improve customer interactions,” explained James Barnard, the Product Owner at RMBL. “Manual processes were increasingly challenging and counterproductive – we knew we needed a change. Since adopting Appian, we’ve witnessed significant progress in digitising customer journeys, leading to a more seamless and responsive experience.”
RMBL also implemented an Appian Portal with Persistent’s support for clients and employees to access apps across web and mobile devices. This provides a unified portal for clients to manage and update their accounts online. It also enables employees to manage client profiles and investments all on the same platform. Together with process orchestration, the online portal also helps RMBL streamline application lifecycles and reduce approval timelines.
The initiative also sought to engage new clients through an external Appian portal, fostering increased interaction and engagement. “By using Appian’s unified interface to automatically process and file client documentation, we’ve managed to address numerous operational concerns quite seamlessly,” said Barnard. “Additionally, Appian AI Skills have been extremely valuable in smart sorting of legacy portfolio documents.”
Addressing high-volume client communications
The transformation journey also addressed several challenges, such as managing a high volume of client queries through calls, letters and emails. RMBL is also enhancing portfolio transparency with real-time insights, while streamlining application life cycles to reduce complexities and standardising processes to promote uniformity across operations.
Consolidating tools and functions into a unified Appian Platform has significantly enhanced team productivity, allowing for more efficient internal workflows and communication. “RMBL’s efficient management of third-party database load using Appian’s Data Fabric is a prime example of how our platform can optimise complex data scenarios,” said Luke Thomas, Vice President of Asia Pacific & Japan at Appian. “This innovation ensures optimal performance in data management.”
The impact of RMBL’s digital transformation extends beyond operational improvements. Clients have embraced the new platform, significantly reducing support calls, with only 6% of users seeking assistance in the week following the rollout. This shift has empowered clients to navigate and oversee their investment portfolios remotely, aligning with RMBL’s commitment to client empowerment. “At Persistent, we’re proud to support RMBL in its strategic shift toward digital-first client engagement,” said Sankaran Saminathan, Senior Vice President – Sales and Australia Centre Head at Persistent. “This new client-facing platform represents a significant advancement in RMBL’s client interactions, empowering clients with enhanced independence and accessibility for managing their investments. By incorporating next-generation GenAI elements, we’ve not only significantly reduced support demands but also enabled RMBL’s team to focus on addressing more complex challenges, elevating their overall service quality.”
RMBL is now actively digitising new customer journeys through Appian’s external portal, showcasing sustained success and ongoing innovation. RMBL also anticipates future efficiencies by integrating Appian Case Management Studio for complete order management, which will further streamline processes and reduce client-team communications. “Appian is designed to accelerate the creation of high-impact business applications,” said Thomas. “Seeing RMBL’s success in leveraging our technology to meet and exceed its strategic goals has been rewarding.
Their ability to quickly adopt and expand their use of our platform is a testament to both their vision and our platform’s flexibility. It’s no surprise that RMBL was recognised as a winner for APAC at the 2024 Appian Innovation Awards. They’re truly deserving of this recognition – their innovative work perfectly embodies what these awards are all about. The digital transformation at RMBL is not just about adopting new technology but also fundamentally improving how we serve our clients and operate internally,” Barnard added. “Our partnership with Appian has enabled us to achieve these goals and set new standards for efficiency and client engagement.”
This article was developed in collaboration with Appian. Learn why global investment innovators trust Appian to modernise financial services with AI and process orchestration. Explore use cases here.
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