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TD Waterhouse: Investors get instant automatic access to share price...
TD Waterhouse: Investors get instant automatic access to share price information
Executive summary
TD Waterhouse UK continues to lead the industry in providing innovative share dealing and information services to over 350,000 UK investors, online and by telephone. The company wanted to strengthen its market position by enhancing the customer experience and increasing customer acquisition rates, while minimising cost and the risk from the growth in identity fraud.
Through the deployment of a new identity verification solution, TD Waterhouse sought to transform its new account opening capability, at the same time protecting the business against increased levels of sophisticated identity fraud. The company chose to work with BT to develop a customised solution, based on BT’s innovative URU web-based verification solution – jointly developed with data services specialist GB Group.
The transformation was immediate: in the first month following implementation, account opening times were reduced in some cases from between seven and 10 days down to same day online new account activation. Many customers are now able to start trading within 20 minutes of submitting an online application. This advancement has enabled the company to handle increasing numbers of account applications quickly and efficiently, recently peaking with 1,250 new customers signing up in a single day. While it is still too soon to quantify cost savings, early estimations are that the unit cost of processing new customers has reduced significantly
“Our business requirements and processes are constantly evolving –as you would expect. We see BT as a strategic partner and advisor in this process, helping to ensure we optimise technological advancements to deliver leading investor services to our customers.”
Gavin Dufton, Senior Business Analyst, TD Waterhouse UK
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