How TD Ameritrade Is Realizing Greater Client Experience

Fortune 500
financial services firm

98% automation
with 99% target accuracy*

Nearly 10k employees
across corporate offices and nationwide branch network

Automating institutional and retail inbound mail processes and exceeding business targets with Hyperscience.

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Background

Offering investing and trading services for 12 million client accounts totaling more than $1 trillion in assets and custodial services for more than 7,000 independent registered investment advisors, TD Ameritrade has always taken a client-centric approach. This philosophy translates to the adoption of new technology, and when it comes to automation, whether it’s speed or quality benefits, it’s all about elevating the customer experience.

TD Ameritrade is always looking for ways to improve the client experience. There were business processes in the middle and back office that tended to be very manual and led to longer than desired delays in processing of client requests. Hyperscience came in at an opportune time to help us provide quicker and higher quality end to end fulfillment of these requests. In many cases, the solution has ended with a completely straight through process.

Sean Van Moorleghem, Managing Director, Head of Clearing Technologies, TD Ameritrade

Whether it’s an advisor or a retail client filling out a form and submitting it via a scan or dropping it off at a branch, the process of translating and digitizing that physical information has historically been labor-intensive and error-prone. “We’re always looking for ways to make our data more complete, more accurate and timelier,” said Van Moorleghem. “Those are the types of goals that we’re trying to achieve with solutions like Hyperscience.”

Choosing Hyperscience

There were a number of reasons TD Ameritrade chose Hyperscience. The IDP offering’s ability to automate without sacrificing accuracy was paramount, especially for an organization that deals with sensitive customer data where every digit needs to be correct.

The high pull through rate, the quality that we were getting on specifically handwritten documents, really is what led us down the path of exploring Hyperscience,” said Van Moorleghem. “The ability to get 90 plus percent transcription rate was impressive. We certainly weren’t getting those results from some of the other folks that we were contacting, which were quoting us closer to the 50-60% range.”

Implementing new technology at any organization rarely comes without pushback, especially in such a rapidly-evolving field like AI and ML. “Introducing AI technologies can cause some anxiety for people. The ability for Hyperscience to prove its outcomes via dashboards and real-time reporting metrics helped technology teams, business partners and compliance address concerns. You can see the dashboards and error rate metrics. Those tools prove what the pull through and quality rates are. Comparing that experience to manual processing, we don’t always have the transparency into real-time performance. 98.6% accuracy is what I had from our most recent update in regard to transcription accuracy – people can grasp that and trust that.

The second reason was how quickly TD Ameritrade was able to measure the benefits of working with Hyperscience. Deploying the technology quickly, getting it in place, and then letting the machine learn and improve over time fit right into the company’s agile mindset. In addition, Hyperscience deploys across standard equipment and standard builds, quickly and easily scaling to account for variable document volume by stacking multiple virtual machines [VMs]. These were big pluses for TD Ameritrade.

From when we signed the agreement to when we started to see data flow through, it was a matter of 5-6 weeks. On an initial pilot, that just doesn’t usually happen. That’s rare in tech. People enjoy seeing results. We do it in our daily lives all the time and it’s no different in our corporate lives. We want to see things come together and have positive outcomes and being able to do that quickly is just another feather in the cap.”

Results & Relationship Today

TD Ameritrade continues to prioritize the client experience, whether that means gaining efficiencies or increasing data quality to meet changing regulations, changing customer requirements or changing business requirements.

Sometimes we are forced to go back to older versions of images and completed forms in order to pull information which, at the time it was collected, might not have been relevant to store in the system,” added Sean. “We have current projects utilizing Hyperscience to retrieve that information, digitize and store it with few manual touch points.”

Last, but not least, by automating manual tasks, TD Ameritrade has shifted the potential of its workforce, allowing for less data entry and moving those roles to more knowledge work and process engineers. The shift has allowed the company to focus on higher value work, such as analyzing data, improving existing workflows and making efficiency gains. “It’s that kind of business or process engineering mindset that we’d like to see more readily in our workforce. With automation, we can redeploy our people to optimization and efficiency versus trying to get through entering a form.

Moving forward, as TD Ameritrade continues to look for more ways to digitize its business, whether that is in the back office or whether it’s frontline customer interactions, solutions like Hyperscience offer a true competitive advantage. “That’s what we’re doing in our relationship with Hyperscience – looking to increase digitization and straight through processing for the benefit of our clients.

*Roughly half of the fields are set to auto-transcribe.