Wealth management company Netwealth elevates its back-office with Private AI from Appian
Appian today announced that Netwealth has modernised its client and advisor case management system on the Appian AI Process Platform. The Netwealth system, called “Netflow,” uses Appian’s data fabric, automation technologies, and Private AI architecture to accelerate work, increase self-service options, and deliver enhanced experiences to staff and clients.
Netflow utilises Appian’s email classification AI Skill to automate the previously manual triage of case creation failure messages. Under the old system, employees had to open each email, discover the reason for failure, and direct it to the appropriate team for resolution. Using Artificial Intelligence (AI), the new system bypasses manual review and automatically identifies the team best-suited to resolve the issue, allowing teams to fix customer issues faster.
Netwealth’s IT developers trained the email classification AI Skill to achieve a 98% accuracy rate in just a few minutes.
“At Netwealth, we are laser-focused on enhancing the back-office experience by removing manual processes that create delays,” explained Bernard Woolf, Product Owner at Netwealth. “Using AI within the rest of Appian’s automation toolset saves our team a significant amount of time, allowing Netwealth to redirect efforts to focusing on our clients.”
Founded in 1999, Netwealth is one of the fastest growing wealth management businesses in Australia. The company is rated No.1 by customers for providing exceptional service, and analysts continually rate Netwealth technology as best-in-class. Netwealth sought a case management solution that could optimise efficiency, scalability, and integration for the large percentage of its workforce that is dedicated to technology and administration-related roles.
“Our primary goal for the new case management system was to elevate the quality of service delivered to clients. We chose Appian for a number of reasons,” said Woolf. “Appian’s highly-scalable cloud architecture aligns with our long-term technology strategy, and Appian’s architecture made the system easy to integrate with our other IT systems such as Microsoft SharePoint, PowerBI, and Zendesk.”
Since transitioning to the Appian Platform, Netwealth has evolved from a single workflow type to more than 30 workflows tailored to the specific needs of individual Netwealth administration teams. This, in turn, has helped them make more informed decisions and reduce the number of internal queries.
To support the rollout, Netwealth also utilised the “Appian Accelerate” service to transfer knowledge of the Appian Platform to its IT development team. This empowered Netwealth to continue enhancing Netflow independently, resulting in greater control and flexibility in system enhancements, and the ability to create new applications.
“Our Appian Accelerate consultants were fantastic. Rather than just giving answers to questions, they would instead provide the high-level steps needed for the team to self-serve and find answers themselves. As a result, all of our Netwealth developers achieved Appian Associate Developer accreditation and are working towards Senior Developer status,” said Woolf.
