Comprehensive Trust and Asset Management Platform Development

The client currently relies on manual processes and fragmented tools such as spreadsheets for trust accounting and financial operations, leading to inefficiencies, delays, and risks of errors. Their existing platform contains non-operational functionalities and lacks real-time updates, causing workflow bottlenecks and delayed client notifications. They also face challenges in ensuring regulatory compliance, managing multiple user accounts, and providing seamless, user-friendly interfaces for clients and administrators.

A mid-sized financial institution specializing in trust administration, estate planning, and fiduciary services, seeking to modernize and streamline their platform for managing trusts, custody, and asset servicing.

• Rebuild and enhance the trust accounting, custody, and fiduciary management platform for improved accuracy and operational efficiency.
• Implement real-time data updates and notifications to reduce response times and improve user experience.
• Automate deployment processes to minimize manual intervention and deployment time to under five minutes.
• Extend user account management capabilities to support multiple accounts per user with seamless switching.
• Integrate a live customer support chat system to enhance client engagement and support.
• Establish robust project management workflows using Agile methodologies such as Scrumban, ensuring transparency and adaptability.
• Implement a comprehensive risk assessment and scoring tool for onboarding and transaction approval processes.

• Comprehensive trust and fiduciary transaction recording with reconciliation
• Real-time updates for rate and transaction changes using WebSocket-like technology
• Automated alert and notification system with direct client communication via email or messaging queue
• Custom risk assessment module for new clients and transaction limits
• Multi-account management for users, enabling easy switching between personal, corporate, or fiduciary accounts
• Automated deployment pipeline leveraging CI/CD tools like GitHub Actions
• Integration of third-party live chat support systems for instant customer engagement
• Enhanced user interface with improved UI/UX design, including email templates
• Internal analytics dashboard for monitoring system health, performance, and user activity

• Email services for notifications
• Third-party customer support chat solutions
• Financial data providers for risk assessment and market data
• Identity and access management systems for multi-account support

• System scalability to accommodate growth and increased transaction volume
• Response time for real-time updates under 2 seconds
• High security standards to ensure data privacy and compliance
• Automated deployment process to reduce deployment time to less than five minutes
• 24/7 system availability with minimal downtime

The new platform aims to reduce operational delays, improve transactional accuracy, and enhance client satisfaction through real-time updates and efficient workflows. Automation will significantly decrease deployment and maintenance time, increasing agility and responsiveness. The implementation of advanced risk assessment and multi-account management will support business growth and client onboarding, ultimately positioning the client as a technologically advanced leader in trust and asset servicing with improved compliance and security standards.