Summary
This case study details the implementation of an outsourced sub-custody solution for a mid-sized bank, which aimed to modernize its operations and re-establish its retirement plan offerings. The bank faced operational inefficiencies that hindered its ability to sell new retirement plans, prompting a reevaluation of its processes. By outsourcing sub-custody functions to Matrix Trust Company, the bank was able to streamline back-office operations and focus on business development. The integration allowed for real-time access to accurate information and reports, enhancing customer service and operational efficiency. The management recognized that freeing up personnel from non-revenue-generating tasks would enable them to concentrate on growth activities. Following the implementation, the bank successfully sold numerous new retirement plans within a year and a half, demonstrating the effectiveness of the new operational model. This case study illustrates the benefits of adopting modern solutions to improve service delivery and operational performance in the banking sector.
