An Overview of AWD Technology
With a suite of pre-integrated solutions to support business process management, imaging, workflow and customer service, the Automated Work Distributor (AWD) from DST Systems, Inc. offers a holistic view of each customer across multiple business systems.
AWD works to enhance customer service and drive efficiency goals by eliminating paper-based processing, expanding communication channels, and ensuring that companies have the right information at the right time to satisfy customer requests.According to a February 2002 Delphi Group report, in an age where the “customer is king,” DST Systems with AWD recognizes customer service challenges and develops solutions to make that job easier.
Delphi Group also reports that AWD allows organizations to become customer-centric by automating workflows that affect customer touchpoints.
AWD in Financial Services
To date, more than 300 clients in a variety of industries—including mutual funds, brokerage healthcare, insurance, and video/ broadband—have implemented AWD. AWD has its longest relationship with the financial services industry, eliminating paper-based processing, improving productivity, and enhancing customer service through business process management technology.
Brokerage
A major U.S. financial services firm already relying on AWD for workflow was faced with additional challenges associated with end-of-day fund pricing. Fund accountants were rushing to manually calculate daily NAVs in order to submit prices for publication in the next day’s newspapers.
Utilizing AWD’s straight-through processing capability to verify fund prices, fund accountants now focus only on securities exceptions when calculating end-of-day pricing, rather than sifting through pages of securities data.
This client has achieved 94% automated processing and has reduced headcount dedicated to the manual processing by more than 85% since its implementation.
Mutual Funds
Shortly after the successful launch of a new 529 Educational Savings Plan product, a large mutual fund customer realized the need to simplify their Web-based application processes and expedite behind-the-scenes processing without increasing staff levels. As an existing AWD imaging and workflow user, they turned to DST’s automation capability for a solution.
AWD’s automation has steadily increased productivity. According to their project manager, the company has dropped 529 Plan processing time from 30 minutes to 5 minutes. The application processing is “down to two clicks.”
Every other process is automated, including the updating of their record keeping system and routing the new Web- and paper-based work to the appropriate associates.Retirement Plan Servicing
To automate its 401(k) operations and streamline customer service, a DST retirement plan servicing customer uses AWD in its loan processing group. AWD/ST, AWD’s straight-through processing engine, uses pre-defined business rules to automatically work through steps that do not require associate interaction. Along the way, AWD/ST simultaneously updates the retirement service’s multiple application systems as the automated processing creates new data.
If a work item requires exception handling or manual approval, AWD/ST helps to automatically route it to the designated associate for manual intervention.For exception handling, AWD/Knowledge Enabler extends the workflow to the desktop. With its graphical user interface (GUI), AWD/Knowledge Enabler guides associates through certain processing steps, eliminating the need to train specialists.With AWD workflow and automation, this company has reduced associate training time, reducing manual errors, and increasing processing efficiency. It has also reduced the number of full-time employees required to process a 401(k) loan.
Insurance
A life insurance company needed to match dramatic business growth without dramatically increasing operational costs.
The company anticipated having to add staff and feared it would not be able to maintain pre-existing levels of efficiency. By implementing AWD technology they were able to accommodate 100% more business without doubling staff. In addition, the cost of issuing a paid annuity policy was reduced by nearly 55%.
For companies across the financial services industry, AWD has helped reduce the cost of operations while increasing the speed and accuracy of transaction processing and customer service. Advances in business process management—based on a foundation of imaging, task management, and process automation— offer exciting possibilities for expanding the enterprise, ensuring customer loyalty, and reducing costs.
More details about AWD client implementations can be obtained by calling (888) DST-INFO or e-mailing awdinfo@dstsystems.com.
Visit Delphi Group for more information on the and its thought leadership and advisory services. For more information about DST and its AWD solutions, visit the Web at AWD:DST