“This meant going back to the financial advisors to chase down the missing information from the client. This could take anywhere up to two weeks.”
Lim says all of Leveraged Equities’ client information required to set up an account is now captured and validated online using iApply, and, he claims the Taten solution is a “market leading” application in the margin lending and leveraged equities industry which clearly differentiates Leveraged Equities from the its competitors.
According to Lim, some companies in the margin lending and equities industry don’t have an online application process in place, and of those that do, he claims they only offer basic applications, such as single borrower/joint borrower.
Lim also says that with iApply the information gathering process is clear and simple to use, and allows application to be done to “suit the client’s timeframe while they collect all the necessary information, rather than having to continually contact the advisor and the advisor continually contacting ABL.”
“There is much less human error, as the client information is captured and validated online, and advisors and clients can save an incomplete online form if they need to chase up more information, rather than being forced to exit and start from scratch again.
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“Our solution drives costs down and creates efficiencies for both advisors and ABL.”
This included transforming what Lim describes as a “difficult paper-based system into an easier to follow online system.”
In overcoming this, Lim says Taten developed a new pdf generating tool that creates a pdf specification which can be run through third party generation pdf components, as well as a mechanism for allowing a business user to manage the application.
In working with Taten on the deployment, Leveraged Equities’ general manager margin lending, Eric Blewitt says there was opportunity for both parties to “throw their hands up in the air and go ‘I’ve had enough – this all looks too hard’.
“We didn’t – neither party did, we worked through it – people jumped on planes, got in rooms and nutted out the issues which I think has enabled us to deliver the finished product to the level of quality that we actually have.”
Written in the .Net 1.1 framework, the application is hosted at Leveraged Equities with a load balanced server cluster spread over multiple servers to balance the load.
Lim says the session state is controlled in Taten’s database and there are multiple application servers communicating with one another to a database cluster in the back end.
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Taten, a provider of customised software solutions for the financial services industry, was founded by Jeff Lim and wife Lynda in 1992, and according to the Lims the business had its second best year last year, weathering the storm of the financial downturn with a steady increase in clients.
However, the nature of the business Taten is doing now has changed, and Lim says clients are undertaking more due dilligence and wanting more sophisticated solutions, along with cost reductions and other cost and efficiency benefits.
Lim reckons the nature of the market demands Taten is now seeing plays into the “value proposition we bring to the table.”
According to Lim there’s been a great deal of collaborative work with clients and he expects that to continue, along with the growth of the business.