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Digital Wealth Management: Fast Implementation, Lower Trade Processing Costs

The Challenge

Generational wealth transfer is a $3 trillion market in the U.S. For a diversified wealth management firm, that reality made the shift to digital a key strategic imperative.

The bank sought to define a digital wealth management platform strategy, as well as identify the requirements for digital advisory and self-directed investing capabilities. In addition, it wanted a personalized, seamless omnichannel experience for advisors and high net worth clients.

Our Approach

The digital engineering team and the global bank turned to Cognizant's capital markets digital experts. As a long-time strategic business consulting partner, we quickly assembled a team to help drive the time-sensitive initiative.

During the four-week agile engagement, our team reimagined the client experience from a digital perspective. Using a base set of requirements, we broke down 50 user stories into 530 functional and technical requirements. This task provided a structured framework for a modern digital front end and a redesign of the middle office. It enabled us to rapidly envision and map capabilities to two new offerings.

Following the initial consulting engagement, our digital engineering team developed and implemented the platform using a cloud-based application programming interface (API) architecture to enable scalability and faster enhancements.

By rethinking straight through processing (STP) for every stage of the trade lifecycle and integrating it into all back-office systems, we lowered the bank’s trade processing costs by 80%. As a result the bank reduced brokerage fees by more than 90%. Clients can now open a new account in an industry-leading three minutes.

After a soft launch of the platform, the bank is currently acquiring 1,000 new customers per week. Weekly page views of digital marketing content soared 630%.

The ongoing engagement is in its third year. Rethinking the client and advisor experience enabled our teams to accelerate the bank’s transformation to digital, from concept through implementation, ensuring it remains competitive in the current wealth transfer environment.

Developing a Digital Wealth Management Platform

In an aggressive four-month initiative, our business consulting team defined a wealth management platform strategy and identified the requirements necessary to develop new digital advisory and self-directed investing capabilities. Our digital engineering team developed and implemented the platform using a cloud-based API architecture.


reduction in trade processing costs through integrated STP in back-office systems


drop in brokerage fees

3 minutes

time to open a new account


number of client acquisitions per week