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Case Studies - Online Financial Planning

Client Profile :

Citi Street brings the unique expertise and strengths of two leading financial institutions, State Street and Citi group, to provide benefit management services. Since 1997, CWD has worked with Citi Street to provide Internet strategy, creative, project management and engineering services, continually reinforcing its financial services leadership position with a lasting online presence.

URL: www.CitiStreet.com

Overview

Citi Street brings the unique expertise and strengths of two leading financial institutions, State Street and Citi group, to provide benefit management services. Since 1997, CWD has worked with Citi Street to provide Internet strategy, creative, project management and engineering services, continually reinforcing its financial services leadership position with a lasting online presence.

Business Requirement :

After researching similar offerings, CWD identified several key areas where Citi Street could gain competitive advantage and continue established leadership as a superior provider of benefit management services. By creating an online offering of highly tailored services for its clients, CitiStreet could also capitalize on administrative efficiencies allowing them to scale their business, without a significant increase in customer call center costs.

CWD Solution :

Currently in its second major iteration, the plan participant application has evolved to provide a robust personalized experience for participants and extensive management tools for Citi Street and its clients. Citi Street can configure the sites to conform to plan rules for each client plan. The template-based architecture also accommodates the unique branding of each site for the client.

To provide the level of business integration required, CWD and Citi Street worked together to create a highly secure environment, which shares information across financial systems. Secure financial transactions are fully synchronized across all systems, providing a seamless customer experience.

The application also employs a custom-developed messaging system, which allows for personalized communications with participants at a group and individual level. The system gives plan administrators the ability to reach participants, with relevant communications at any time.

For the plan participant, Citi Street offers a highly personalized view of account information, with the ability to reallocate funds, request loans, and perform other tasks traditionally handled offline. Participants are supported with extensive financial education and planning tools. With the integrated system, financial calculators use actual personal data to model scenarios.

Strategy :

Since the shopping experience is the most important aspect of any e-commerce site, CWD recognized that convenience, service, and speed would be critical to the site's success. At every turn, an AlexBlake.com shopper encounters features designed for just that purpose, from product reviews to quick and easy checkout. CWD worked with AlexBlake.com to develop the Hosiery Club, an automated ordering system for frequent shoppers that takes customer service to the next level.

Offerings :

  • Client and plan specific messaging on login and home pages 
  • aggregated account information on a personalized home page including account balances and fund performance 
  • plan specific information for all benefits including health, retirement, and pension
  • transactions including money transfer between funds, investment elections and future investments to different funds allocation 
  • planning and educational resources like audio and video educational seminars and calculators
  • downloadable forms to change/request information such as beneficiary information, hardship withdrawals, address etc.

Technology

  • Microsoft Windows 2003 server platform using SQL Server 2000. 
  • Calculator functions and charting supported through use of Microsoft charting component and a CWD proprietary COM+ component 
  • XML used for exchanging data between CitiStreet and application servers 
  • SSL encryption Secure cross-farm session management 
  • Automatic content replication using Microsoft Application Center as beneficiary information, hardship withdrawals, address etc.
  • Hosted at the Verizon Data Center in USA

Results 

Originally launched in 1998, the plan participant application has consistently served CitiStreet clients through a period of significant growth. The application has scaled to meet the needs of over 2 million plan participants. CitiStreet and CWD have continued to work together in 2003 to re-design and expand the application as new services are brought online. The plan participant site has become a key part of CitiStreet's offering in the competitive market for benefit management services.

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