Read Merrill Lynch A4:Blank grid.qxd text version

Merrill Lynch revamps customer statements with HP Exstream software

"We have to produce more than 5 million comprehensive, personalised statements a month in a short time frame. HP Exstream software lets us do this while providing the sophisticated look and feel Merrill Lynch demands." --Ken Ciaccio, Director of Client Financial Reporting Technology, Merrill Lynch

HP customer case study: Merrill Lynch deploys HP Exstream software to create comprehensive new Relationship Statement Industry: Financial services

Objective:

Listening to feedback from clients, the Merrill Lynch marketing department recognised the value in creating a consolidated "Relationship Statement," with the ultimate goal of demonstrating what is possible from a client relationship with Merrill Lynch.

Approach:

Deploy HP's Exstream enterprise document automation software to redesign the account statements, producing more than 5 million "Relationship Statements" monthly.

IT improvements:

· Ability to integrate statement capabilities with legacy systems while meeting all of Merrill Lynch's goals · Produce more than 5 million statements monthly within a very short time frame and meet service level agreements emphasis on usability and clarity · Ability to standardise a template to house account information, create data-driven variable charts for enhanced clarity and insert dynamic cross-sell messages

Business benefits:

· Provide clients with a comprehensive report on all aspects of their money including investments, bank accounts, loans, mortgages, retirement accounts and business-related accounts · Earned 2005 DALBAR Seal of Excellence and improved customer experience with nearly 50 percent of clients noting a significant improvement over the prior statement · Reduce the time it takes to make cosmetic or format changes to the statements by 15 percent

Merrill Lynch financial advisors can offer clients a broad range of diversified financial solutions. Listening to feedback from clients, the Merrill Lynch marketing department recognised the value in creating a consolidated statement that shows how all of these solutions work together, with the ultimate goal of demonstrating what is possible from a comprehensive Merrill Lynch relationship. Total Merrill refers to the broad range of advice and guidance delivered by a financial advisor for investments, retirement, banking, credit and lending, including mortgages and credit cards, trust and other financial services offered by Merrill Lynch. The "Relationship Statement" was designed to provide clients with a comprehensive report on all aspects of their money--providing a balance sheet view that includes investments, bank accounts, loans, mortgages, retirement accounts and business-related accounts with Merrill Lynch. Finding the right technology to ensure the success of the new statement as it fit within the Total Merrill initiative was an integral step in the process.

Customer solution at a glance

Primary applications High-volume statements-- consolidating information from multiple accounts to include investments, bank accounts, loans, mortgages, retirement accounts and business-related accounts Primary software HP Exstream

Responding to marketing goals "When the decision was made to redesign the account statements, our directive was to introduce customisation that relied heavily on charts and graphs, among other personalised information," says Ken Ciaccio, Director of Client Financial Reporting Technology. "One of our primary concerns was the throughput of the document composition step using the new software," states Ciaccio. "We have to produce more than 5 million statements monthly within a very short time frame in order to meet our service level agreements. So there were certain delivery milestones we needed to adhere to. The software we chose had to handle the tight time frame and also be able to produce the sophisticated `look and feel' that the marketing group was looking for when it came to actual production of the documents. HP Exstream was able to meet the standards we set." "HP Exstream's design environment is easy to use and has saved time in creating the new monthly client statement. We have already seen a 15 percent reduction in the time it takes to make cosmetic or format changes to the statements due to its intuitive design environment and automated functionality." Ken Ciaccio, Director of Client Financial Reporting Technology, Merrill Lynch The Relationship Statement comes to life "While integrating HP Exstream with our legacy systems, the commitment and support provided by the HP team helped us to implement a project of this scope," says Ciaccio. "Both the technology and business rules encompassed by the project were quite complex; more than four months of testing was planned prior to the project's deployment. But HP Exstream's capabilities, coupled with commitment and quick turnaround, made it possible for us to resolve issues up front and successfully meet all the marketing group's goals." The Relationship Statement illustrates the benefit of the Total Merrill platform by consolidating

information from multiple accounts into a summary report with up to five new summary pages. Each summary page focuses on a portfolio view of the client's relationship including an overall report, list of all accounts, balance sheet, portfolio review and monthly income gain/loss review. With an emphasis on usability and clarity, HP Exstream's flexible design environment made it possible to standardise a template to house this account information, create data-driven variable charts for enhanced clarity and insert dynamic cross-sell messages to promote the depth of the Merrill Lynch products. Positive results Client feedback on the statement redesign has been positive with nearly 50 percent of clients noting a significant improvement over the prior statement. Clients can now better view and understand their complete financial picture, and Merrill Lynch financial advisors are able to further help identify their clients' personalised needs, offer solutions and assess progress. Reworking the entire statement has also paid off for Merrill Lynch in other ways. In September 2005, DALBAR, a financial services market research firm committed to raising the standards of excellence in the financial services industry, gave the new statement its top-rated designation and a "Seal of Excellence," noting it as superior in consumer preferences to any other in the brokerage category and likely to become the standard against which future statements will be judged. "HP Exstream's design environment is easy to use and has saved time in creating the new monthly client statement," notes Ciaccio. "We have already seen a 15 percent reduction in the time it takes to make cosmetic or format changes to the statements due to its intuitive design environment and automated functionality. And, our marketing group continues to challenge us to execute even more sophisticated statement designs. HP Exstream helps us to realise the marketing group's vision."

Contact the HP Reference2Win Program, 44 1625 506 407 for more information.

To learn more, visit www.hp.com

© 2009 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein. The Total Merrill brand is used to refer to the broad range of brokerage, investment advisory (including financial planning), banking, trust, mortgage, and other financial services and products offered by Merrill Lynch. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch's obligations will differ among these services. Total Merrill (design) is a registered service mark of Merrill Lynch & Co. This customer's results depended upon its unique business and IT environment, the way it used HP products and services and other factors. These results may not be typical; your results may vary. 4AA2-5868EEW, June 2009

Information

Merrill Lynch A4:Blank grid.qxd

2 pages

Report File (DMCA)

Our content is added by our users. We aim to remove reported files within 1 working day. Please use this link to notify us:

Report this file as copyright or inappropriate

1158043


You might also be interested in

BETA
Registration Statement on Form S-1
NYTreturn07.PDF