Started automation with Account Onboarding processing, and it paid off
The leading provider to independent financial advisors in the U.S. implemented Intelligent Automation and achieved cost savings of $1M+
Key automated process:
- Account application forms’ processing
- $1M+ in manual effort cost savings
- 10% of documents are processed straight-through
- 20 seconds is the average processing time for 90% of documents
LPL Financial reduces account opening processing time by 80%, enabling growth for financial advisors
With over $1 trillion in assets under management, LPL Financial is the leading broker-dealer in the U.S. The company supports more than 19,000 financial advisors nationwide, serving more than 6 million American investors and opening thousands of new accounts every day. As part of a strategic initiative around automation, LPL deployed WorkFusion’s Intelligent Automation Cloud to tackle critical document handling tasks in service, trading and operations.
The result is 80% reduction in the overall processing time, with 10% of documents processed straight-through. The remaining 90% require minimal human intervention and are handled in an average of 20 seconds each. The following impressive results were achieved:
- Real-time processing and approvals
- Faster account openings
- Increased employee satisfaction
- Improved accuracy
Intelligently automating our core business processes boosted the rate of efficiency gain and opened up multiple avenues to scale across the organization. Robots developed in WorkFusion became a true digital twin of our workforce.
By starting with one large and complex use case, we robotized the top 20–30% most frequently used apps, in our top 80% of business processes. This enabled a reusable framework for other bots to follow. It created a massive tailwind for execution within just a few months.