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Old Mutual Wealth Customer Story

Old Mutual Wealth Selects Alfresco for Simple Document Management

Old Mutual Wealth is the leading wealth management business in the UK and internationally, helping customers secure their financial future. Old Mutual Wealth provides financial advice, investments, pensions and protection products globally.

Challenge

As the UK’s leading wealth and asset management company – looking after £98.7 billion of customer’s money – Old Mutual Wealth deals with a lot of documents.

Because the company handles long-term savings and investments including pensions and life insurance, they are also highly regulated and required to archive documents for long periods of time – at least seven years after the contract has terminated and in some cases, even longer.

The company needed a way to efficiently store, manage and retrieve all of these documents while at the same time maintaining regulatory standards.

Solution

Old Mutual Wealth had been using IBM’s DB2 Content Manager to manage all of its content. After evaluating several options, the company chose Alfresco One because of its scalability, open architecture and competitive pricing.

The migration of documents to the Alfresco platform began earlier this year, with the help of TCS and Alfresco Consulting Services, and by 2016 the DB2 Content Manager will cease to exist for all end users.

“We have already migrated the documents from one major platform to Alfresco and the others will be completed by next year,” said Martin Beaumont, an IT strategy consultant for Old Mutual Wealth. “For the main users, there will be very little training required. Users have been involved in the testing process. It should be a seamless transition.” 

Results

Today, documents associated with the pre-sales, financial services activities such as quotations and customer analysis stored within wealth management platforms for over 300 internal users have been uploaded into Alfresco. The company expects to eventually have around five million documents stored in the platform when the migration project is complete.

Both financial advisers and its customers will be able to view documents through Alfresco, and a Tibco workflow module will allow the user to create automated documents to add to their files through various web forms.

Internal documents are also being archived in Alfresco as various legacy systems are decommissioned to maintain regulatory compliance. 

 

"Alfresco serves as a portal for sharing documents associated with our wealth platforms. All of this can be managed in Alfresco – it’s a very business critical solution. The team that has worked with us has been very flexible. They have made it easy for us to switch from IBM DB2 Content Manager."

 — Martin Beaumont, IT Strategy Consultant, Old Mutual Wealth