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How ASK Investment Managers is using digital document workflows to slash the time it takes to onboard new investors by 80%

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TATA AIG Graphics

Industry

Wealth & Investment Management

Use Case

Portfolio Management Services (PMS) Onboarding Documents

Alternative Investment Fund (AIF) Onboarding Documents

Features Used

Automated Workflow

Bharat Stamp

Bharat Sign
(Aadhaar eSign, DSC sign, Virtual Sign)

ASK chief - profile
ASK-Quote
ASK Logo
The kind of paper handling within the office you used to see is now almost dead. And now, even at the month end or quarter end or the year end in March, we're not bothered about the efficiency. We can manage now, not an issue.
Umesh Parshetye
Chief Technology Officer @ ASK Group
ASK Investment Managers Private Limited is a leading asset and wealth management company, primarily catering to the HNI and UHNI markets in India.

They are one of the largest companies offering discretionary equity portfolio management services.

They provide services to their investors via various business verticals that deal in wealth advisory, investment management, real estate investment management, alternative investment fund, and pure private equity investments.

The Paper Challenge

As per SEBI guidelines - every customer of a PMS like ASK needs to execute multiple documentation before enjoying their services.

ASK got its paperwork signed through its vast distributor network.

ASK used to print the dockets which were circulated across the distributor network.

If a customer wanted to invest in PMS with ASK, then the distributor’s relationship manager would meet with the customer, take the onboarding docket along, fill up the docket on their behalf and then give the onboarding docket to the customer for their signature.

Once the paperwork was signed, it was then processed and stored safely.

This physical agreement process had various problems:
  • Slow turnaround time for onboarding paperwork caused ASK’s clients to miss out on market opportunities
  • As ASK grew rapidly, it became hard to manage paperwork
  • Any small error in the documentation meant the process had to be initiated again
  • Clients were unwilling to meet ASK distributors physically due to the pandemic - making it harder to get documents signed
ASK graphics
  • Slow turnaround time for onboarding paperwork caused ASK’s clients to miss out on market opportunities
  • As ASK grew rapidly, it became hard to manage paperwork
  • Any small error in the documentation meant the process had to be initiated again
  • Clients were unwilling to meet ASK distributors physically due to the pandemic - making it harder to get documents signed
ASK chief - profile
ASK-Quote
ASK Logo
The TAT was two to three weeks. You're losing many opportunities by having such delays and inefficiencies in logistical management of paper. That's the pain point we wanted to address.
Umesh Parshetye
Chief Technology Officer @ ASK Group
ASK graphics

Solution

ASK went live with Leegality - and built a completely digital document workflow for onboarding new clients:

  • Relationship manager logs into ASK’s portal and creates an account for the client by uploading all the required documents digitally. The documents are stamped automatically.
  • The client gets notified online and logs into ASK’s portal.  After verifying the information, they can eSign the paperwork from anywhere.
  • Clients and ASK receive the eSigned document instantly. Document is automatically stored in ASK’s servers.
  • ASK submits eSigned agreement + audit trail to its custodian partners for opening the customer’s demat account.
ASK chief - profile
ASK-Quote
ASK Logo
In terms of the workflow, you can design them so easily. Leegality took half a day for getting the workflow configuration done for our Proof of Concept. This speed was not possible with other partners we evaluated for POC. We felt safe and we felt fast, because of the experience and the knowledge of Leegality.
Umesh Parshetye
Chief Technology Officer @ ASK Group

Business Impact

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ASK has been able to scale up AUM without increasing its team size
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Paperwork for PMS investor onboarding now takes
3 days instead of 21 days
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AIF agreement TAT
now takes 5-7 minutes
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Dramatically improved
customer/DSA satisfaction
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Productivity and work-life balance of their sales and ops teams have improved significantly
ASK chief - profile
ASK-Quote
ASK Logo
We have grown our business without increasing our team size. That's the biggest benefit to the business.

For PMS Agreements, TAT has, from two to three weeks, it has gone down to two to three days

[For AIF agreements] Within five to seven minutes the entire journey is completed now. Five to seven minutes. And AIF is pure digital, no paper.
Umesh Parshetye
Chief Technology Officer @ ASK Group

Don’t take our word for it - read our full interview with ASK Group’s Chief Technology Officer

Download ASK Case Study

An interview with ASK Group’s Chief Technology Officer discussing:

  • Detailed visualizations of ASK’s workflows Before and After Leegality
  • How ASK is using specific Leegality Features
  • How digital document execution has become a game-changer for ASK
  • ASK’s experience with Leegality’s support and implementation team
  • Why ASK partnered with Leegality instead of any cheaper partner
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