From paper to digital: how TNS Financial Services saved 97% time
Customer testimonial | TNS Financial Services
In a bold move to modernise their operations, TNS Financial Services Limited, an appointed representative of The Openwork Partnership, has transformed its client management system from paper-based processes to a cutting-edge digital platform. With a team of 16 wealth and mortgage advisers and ten support staff, TNS provides financial advice to thousands of clients nationwide.
The big shift: why go digital?
At the end of last year, TNS recognised the need to transition from manual, paper-based processes to a digital business management system. This change aimed to enhance client management and ensure compliance with the Consumer Duty rules. Jenny Belham, Operations Director at TNS, spearheaded this initiative upon joining the practice in September 2023. Having previously used intelliflo office for over a decade, she was confident it would meet their needs.
Eye-opening efficiency gains
Jigsaw Tree, specialist consultancy and outsourcing firm conducted a process mapping exercise to compare the time spent on various tasks using the old systems versus intelliflo office. The results were staggering:
– 80% time saving on the prospect process
– 43% time saving on new client onboarding
– 18% time saving on annual client review
– 67% time saving on bulk client review
– 97% time saving on bulk communication
We spoke with Jenny, who took us through the experience of taking the leap from paper to digital and the benefits she’s seen so far.
Challenges of the old system
Managing client information, especially with a large back book of legacy clients, was a significant challenge. “The manual process of finding and updating client files was time-consuming and inefficient. Properly maintaining client records was crucial for compliance with Consumer Duty and GDPR, but the old system made this difficult”, explains Jenny. For instance, “locating an annual benefit statement often required physically searching through numerous files, which could be under slightly different names, adding to the complexity.”
The transition process
The move to intelliflo office began with transferring electronic data and collating plan data from various providers. This was followed by scanning paper records for ongoing clients during their annual reviews. “The goal is to have all client data digitised within the next year. This phased approach ensures that the transition is manageable and not disrupting ongoing operations”, Jenny adds.
A strong partnership with Jigsaw Tree
Following the initial process mapping exercise, Jigsaw Tree partnered with TNS to set up all their service cases, enabling them to track new business and review cases while working their way through the pipeline. Jenny says “they also had input in just about all of our document designer letters, particularly the more complex ones, helping to add all the clever bits that simplify the creation of a letter or report.”
Benefits of going digital
The transition to a digital system has brought numerous benefits for TNS:
– Task Allocation: Easier to manage tasks, especially when staff are unwell or on holiday.
– Adviser Autonomy: Advisers can track their new business cases independently, reducing the need for constant communication with the administration team.
– Data Control: All client information is now centralised and easily accessible, reducing reliance on third-party providers.
– Improved Compliance: With all data in one place, it’s easier to ensure compliance with Consumer Duty and GDPR regulations.
Streamlining operations and driving future growth
This digital transformation has not only streamlined TNS’s operations but also positioned them for future growth and success. The ability to quickly access and manage client data means that TNS can provide more timely and accurate advice, enhancing client satisfaction and trust. As the financial services industry continues to evolve, TNS’s proactive approach to digitalisation sets a strong example for others to follow. Moreover, the significant time savings allow the team to focus more on strategic initiatives and client engagement, driving overall business growth.
To learn more about TNS Financial Services, please visit their website.
About Jigsaw Tree
Jigsaw Tree specialise in creating and implementing the right technology strategy for your business, specifically within your practice management system (PMS). With a team of experienced professionals, we go beyond strategic planning by collaborating closely with you to drive meaningful changes that not only meet but surpass your business goals.
Our combination of consultancy and outsourcing services – covering administration and income reconciliation helps you save time and reduce costs by optimising your technology and business processes. We focus on enhancing your operational efficiency, providing tailored solutions for your PMS, along with training to ensure smooth implementation and long-term success.