At a Glance
• Decrease onboarding times for financial advisors and investors to just 30 minutes
• Contributes to 100% growth in new accounts since the implementation
• Implemented the solution on the Temenos Banking Cloud in just 9 months
• Enables HUB24 to process growing application volumes seamlessly and more efficiently
HUB24 Limited is a company listed on the Australian Securities Exchange. The company consists of the award-winning HUB24 platform, HUBconnect business and Xplore platform. HUB24 offers advisors and their clients a comprehensive range of investment options, including market-leading managed portfolio solutions and enhanced transaction and reporting functionality. As one of the fastest-growing platforms in the market, the platform is recognized for providing choice and innovative product solutions that create value for advisors and their clients.
As of September 2021, the HUB24 group has over AUD $45 billion in funds under administration on their platforms. Inevitably, rapid growth creates challenges. As well as servicing higher volumes of applications from financial advisors, HUB24 must ensure resources are available for innovation, sales activities, and ensuring compliance with the increasingly complex regulations that govern the Australian financial sector. To cover these bases and maintain momentum, HUB24 is focused on operating as efficiently as possible.
James Tesoriero, Product Development Manager – Platform and Managed Accounts at HUB24, explains: “We are growing at a fast pace and to continue our success, we aim to enhance our user experience and range of investment options while maintaining a low cost-to-income ratio.”
Planning fast, frictionless onboarding
At the start of every customer journey, financial advisors using the HUB24 platform capture complex data, which depends on the entity type being onboarded. This can include personal and company details, financial information, and investment preferences, as well as completing a series of verification steps in support of know-your-customer (KYC) activities and identification of beneficial owners. Previously, HUB24 relied on systems developed in-house to support customer onboarding — but the business was looking to make improvements.
“We are always looking for ways to enhance the customer experience and were keen to upgrade our previous system. We wanted to make it as easy and efficient as possible for both advisors and our own teams – to reduce the time taken to complete tasks and move applications forward more efficiently.”James Tesoriero, Product Development Manager – Platform and Managed Accounts at HUB24
Along with enabling financial advisors and investors to complete applications efficiently, HUB24 wanted to ensure advisors and their teams spent less time on follow-up and had an improved customer experience overall. HUB24 realized that a simpler, frictionless onboarding process was essential and that collaborating with an experienced provider would provide customers with the best outcome, while also supporting business growth.
Deploying a best-in-class solution in the cloud
Rather than re-engineering the in-house system, HUB24 looked to work with a partner with proven experience helping financial advisors to optimize onboarding. Essentially, HUB24 wanted a best-in-class solution with capabilities to build customized application journeys for different client groups. After assessing the available options, HUB24 chose Temenos Infinity Journey Manager running on the Temenos Banking Cloud.
“Temenos was very supportive from the start, offering real expertise in onboarding and strong knowledge of the Australian financial sector. The flexibility and simple user interface of the solution were impressive, along with the analytics tools that would help us continually enhance our customer experience. Adopting the cloud model was an easy choice, removing all worries about managing infrastructure.”James Tesoriero, Product Development Manager – Platform and Managed Accounts at HUB24
Working with Temenos, HUB24 implemented the solution in just nine months. As the COVID-19 pandemic struck early in the process, Temenos and HUB24 switched to a remote deployment model, building prototypes and completing multiple phases of user testing to fine-tune the new onboarding journey before going live.
Adding innovative, user-friendly features
Using Temenos Infinity Journey Manager, HUB24 added more intuitive elements to the onboarding journey for many of its investment options. For example, application forms now include fields tailored for different client groups, whether individuals, self-managed super funds, or corporate trusts, while electronic signature tools simplify the final submission steps. To pinpoint sources of friction, HUB24 harnesses the analytics capabilities of the Temenos solution to monitor how financial advisors and investors interact with the new forms.
James Tesoriero adds: “Using Temenos Infinity Journey Manager to change text fields on forms and to rearrange elements on the digital interface is very straightforward. We have built up considerable internal knowledge about the solution, and whenever we need extra assistance Temenos provides responsive support, including documentation and access to solution architects.”
Accelerating the application journey
The enhanced onboarding process enables financial advisors and investors to complete onboarding much faster than before. Industry surveys now rate HUB24 as Australia’s Best Platform.
“With Temenos Infinity Journey Manager, we have created a much simpler, more intuitive and frictionless onboarding journey that clients complete on average in just 30 minutes, a massive improvement on our previous system.”James Tesoriero, Product Development Manager – Platform and Managed Accounts at HUB24
The Temenos solution has also helped HUB24 to improve operational efficiency. As the new onboarding forms capture all relevant client information, internal teams no longer have to chase financial advisors for missing details. Instead, HUB24 can divert its resources to other tasks, such as developing next-generation investment platform features and managing regulatory compliance changes that will provide additional value and support for our customers.
James Tesoriero adds: “Streamlined onboarding helps us to become more efficient and meet the increasing demand from financial advisors and investors. With the Temenos solution, we can process rising application volumes quickly and seamlessly, while also providing advisors with an improved customer experience.”
Forging an effective partnership
In future, HUB24 plans to use Temenos Infinity Journey Manager to create frictionless onboarding journeys for new services, as James Tesoriero explains: “With the Temenos solution, we can reuse the tried-and-tested elements that we know work well to create new customer journeys, helping to accelerate the development and launch process and ensure a first-class customer experience from the start.”
“Working with Temenos has been excellent. Our dedicated account managers always listen carefully to our feedback and challenge themselves to deliver even greater value. Our partnership with Temenos has been an important part of our success in recent years, and we will certainly look to collaborate further as we continue to grow in the years ahead.”James Tesoriero, Product Development Manager – Platform and Managed Accounts at HUB24
 HUB24 secured the top ranking in the Investment Trends 2020 Competitive Platform Analysis and Benchmarking Report, which ranked 15 major investment platforms according to functionality and adviser preferences.