Digitising investor enrolment
Smart web application replaces paperwork and speeds up enrollment process
Reason
As a legal partner in major investment rounds, this law firm supports both investment funds and their investors. Until recently, anyone wishing to subscribe to such a fund had to go through a considerable paper mill. The process was largely via paper and e-mail: slow, cumbersome and not pleasant for anyone. Forms were long and complex, questions often irrelevant to every investor, and manually processing information led to frustration and errors.
At the same time, this firm is strongly committed to innovation within the legal profession. Not only in terms of content, but also in the way they design their services. Digitizing this registration process was therefore a logical first step in a broader innovation strategy.
- Legal partner in major investment rounds
- Commit to digitizing complex customer processes
Approach
In collaboration with the UX team from Makerstreet (Saxum), Soda, Resolute and Mr. Koreander, we started an extensive user research project. The goal: to understand the existing process in detail and translate it into an intuitive digital solution.
We defined three main requirements:
- A sublime customer experience For both experienced and new investors
- Fewer errors thanks to smart validation and dynamic questions
- A shorter turnaround time of the entire enrollment process
From these principles, we jointly developed an MVP in five sprints. As early as sprint 3, user testing took place with investors and employees. In sprint 4, we conducted a penetration test to ensure the security of the application.
Solution
The paper enrollment process has given way to an accessible, user-friendly web application under the firm’s URL. Investors log in securely via Azure AD Single Sign-On, including two-step verification.
Based on their profile, users are shown only the relevant questions. No unnecessary info, no noise. Thanks to smart validations, common errors are automatically prevented.
Application features include:
- A dynamic form That adapts to the investor’s situation
- Self-service functionality With the ability to request interim feedback from a employee
- Automatic document generation In which a personalized agreement is generated based on the data entered
- Digital signing and uploading directly from the application
- Smart document management In which updates in fund documentation are automatically communicated to the appropriate investors
What used to be a time-consuming and error-prone process is now a tightly organized digital process. With this, the firm demonstrates that innovation within the legal profession is not only desirable, but also has direct benefits for both client and firm.
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