Stoic — asset manager automates customer registration process with Mendix

Invest as broadly as possible in a highly diversified portfolio and then do nothing. Because, in the long run, the stock market always goes up, and the less you do, the more you stand to gain. That, in a nutshell, is asset manager Stoic’s investment philosophy. Do less, achieve more. Sounds a bit like a Mendix app automating a complex process. Got it!

What was the problem?

An asset manager must complete a range of procedures and obtain data for each new customer, especially if they are a corporate client. This includes investigations into the provenance of funds, anti-money laundering screening, compliance checks and solvency tests. To verify powers, the company structure must also be retrieved, and anyone whose approval is required has to sign.

This process involves several external parties who verify proof of identity or retrieve and enrich company data from the chamber of commerce. Moreover, financial intermediaries can also register customers. In addition to corporate clients, there are three other types of customers that Stoic works with. Given the amount of data and the various procedures involved, Stoic was keen to automate customer onboarding.

What solution did we deliver?

As a proof of concept, we first concentrated on the most complex registration process: that of corporate clients. We built a Mendix application that automates all recurring steps as much as possible and pre-fills available information. We also integrated identification and signature software so that the entire process can take place digitally.

When you now enter the chamber of commerce registration number, company details are automatically retrieved, including stakeholders, parent companies and all rights and powers. Stakeholders receive an automated email with a passport verification request, which is then processed automatically. And, finally, the compliance department performs a manual check for approval. All these steps are also carried out when financial intermediaries register their corporate clients in the app.

MxBlue is a knowledge partner with a wide range of industry experience. They can advise you on how to move forward in all areas of your business and projects based on best practices.

Robert Tol – Productowner Stoic

Where did the complexity lie?

Because Stoic handles a large amount of sensitive data from a wide range of customers, automating the process required a robust data model with good validation and security. Wanneer je dat gaat automatiseren, heb je een sterk datamodel nodig met goede validatie en beveiliging. The fact that this data is provided by both financial intermediaries and customers themselves also had to be considered. This means that the registration process involves generic stages as well as steps specific to the customer or financial intermediary.

After taking care of the registration process, a comprehensive backend system was set up to help Stoic stay in control of all the processes. This allows employees, for example, to automatically generate reports for their customers in the Mendix app.

How did we make the difference?

As the registration process was rather complex, Stoic was not immediately convinced all processes could be managed within one environment. Maar dat veranderde snel toen we lieten zien hoe Mendix dat mogelijk maakt, zonder export en foutgevoelige handmatige verwerking.

But that quickly changed when we demonstrated how Mendix works — without exports and error-prone manual processing. MAs a result, what started as an assignment for customer onboarding alone soon became much more. We took full advantage of the opportunity to spread the Mendix love — Stoic recruited someone to evolve Mendix within the organisation, and we were asked to train this person. And to good effect, because, although we still support the company with the more comprehensive technical challenges, they now build most of the Mendix features themselves!