Targeted steps to enhance efficiency
Our state-of-the-art solutions streamline processes and ensure efficient internal and external communication. We leverage the benefits of automation to save time for our clients. We are modernising our sales management, linking our internal expertise in IT and operations, and ensuring a closer dialogue with our clients in difficult conditions.
Integrating price, product and client management
We are working continuously in a number of areas to achieve an improvement for our clients. To do so, we integrated product management within the client management and sales unit in 2020. This unit also handles price management. In bringing together responsibility for clients and pricing and a broad base of product expertise, our aim is to more rapidly tailor our portfolio of products and services to our clients' changing requirements.
We developed new standard services for our clients in 2020: finledger, WPCockpit and Withholding Tax Premium Service. We also made a number of additions to existing services to meet the specific needs of individual clients. Our motto is: as standardised as possible, as customised as necessary.
In addition, we launched a new sales management system and implemented more efficient sales controlling to optimally support our clients in developing their businesses. In requirements management, we put more than 200 client requirements into production in 2020 and in doing so achieved a significant improvement in efficiency, with the average processing time for individual requirements (measured in the man-days required) decreasing by 39%.
Prozent. Significant reduction in average processing time for our clients’ individual requirements.
To bolster our client management, we continuously work to bring key tasks such as product development, requirements management, sales management and client support into line with our clients' changing needs.
The securities business is an increasingly important source of income for our clients. This increases the demands on our products and services. In 2020, we combined the previously separate product and client management units, and since then we have been generating synergies that will enable our clients to benefit from a notable increase in efficiency going forward. Lead times will also be shorter.
Dr Albrecht Reihlen, Head of Client Management & Sales
iTops project enters its next phase
We are integrating our IT and Operations departments far more closely than ever before with the aim of enhancing flexibility, streamlining service scalability and boosting efficiency. Launched in 2019, the "iTops" project bundles our securities expertise in the three domains of transaction service, securities account and tax service, and cash and custody service.
The heads of IT and processes in each domain form a leadership duo. In parallel, a management and services division is being established to support the three domains in shared tasks such as governance and managing projects and performance. The first pilot project was launched in transaction service in March 2020 and completed at the end of the year. We have successfully introduced new models and forms of cooperation and ironed out weaknesses in the architecture. Our employees are reporting a positive cultural learning curve that helps them better understand their colleagues' professional and technical challenges and turn mutual contact into seamless interaction. The next phase will be to roll the iTops transformation out to the other two domains and in doing so make a structural investment in the future.
Together, IT and Operations form the core of dwpbank. By improving our organisational structure here, we can be more efficient and versatile in implementing the solutions and initiatives we use to provide secure and stable services for our clients.
Markus Neukirch, Board of Management member for IT & Operations
Client dialogue in challenging times
We have established two working groups focusing on "market and transactions" and "custody, securities accounts and cash" to strengthen the partnership with our clients and seek solutions to shared challenges. These working groups met in virtual form in 2020 because of the pandemic, and thus despite the difficult circumstances we succeeded in maintaining the valuable dialogue with our clients.
In times such as these, it is important to survey client views on relevant topics and to use the client boards for the purposes of information and process adjustments. Our activities this year included improving the client requirements process. Discussions addressed established topics such as regulatory matters and current issues such as tokenisation.
We will continue to put our clients' needs and expectations at the forefront. Direct dialogue with clients in a number of bodies such as the Client Advisory Board has proven to be an important and effective instrument, including on issues such as regulatory requirements or our new product, WPCockpit.
Our working group functions very well, and the advantage is that even in difficult situations we can quickly come up with constructive, pragmatic and feasible proposals and solutions that are backed by all involved. This level of trust is invaluable, especially now during the pandemic.
Uwe Riehl, Operations/Securities Account Service, Landesbank Hessen-Thüringen (member of the Custody, Securities Accounts and Cash working group)