Search past winners/finalists


  • MESA logo

IFDS Canada

ABA11 Winner / How to Enter

Company: IFDS Canada, Toronto, Canada
Company Division/Group: International Financial Data Services
Company Description: One of Canada’s largest transfer agencies, deploying award-winning software both over the Web and installed at client sites. A global leader in business process outsourcing and application services for record-keeping and transfer agency requirements. The company is a joint venture of Boston-based State Street Corporation and DST Systems Inc.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Most Innovative Company of the Year - Up to 2,500 Employees

Nomination Title: IFDS' Touch Screen Classification Technology

    Tell the story about what this nominated company achieved since January 1 2010 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

        IFDS and DST Systems Inc. (DST), collaborated to successfully design, develop
and implement Touch Screen Classification Technology (TouchScreen) to automate
and improve indexing and classification of incoming documents in its
distribution centre. TouchScreen leverages Automated Work Distributor (AWD),
DST’s proprietary workflow management system.   IFDS has deployed TouchScreen
in Canada and globally across sister companies in the UK and US.

        Prior to TouchScreen, documents arriving at the IFDS distribution centre for
scanning were classified by appropriate department and transaction type using a
system of barcoded cover sheets. Sometimes six cover sheets were needed to
route one document involving multiple transactions.

        With TouchScreen, each incoming document is scanned immediately without the
need for barcodes or cover sheets. Distribution centre associates then use the
scan image and intuitive touch-screen technology to classify the document by
work type and business area and also to capture other key information.

        TouchScreen supports “upstreaming,” the process of capturing key identification
fields earlier in the workflow—in this case at the point of distribution centre
entry.  Upstreaming captures when available the client account number and/or
transaction information to enable downstream work screens to populate
automatically. Another is the ability to identify items whose size and/or
client require special handling.

        TouchScreen populates management dashboards that provide real time information
on work volumes, high-dollar transactions and priority processing items.

        Benefits:
1.    Improves IFDS operating efficiency: In 2010, IFDS logged more than
158,000 incoming items containing 870,000 work pages. With TouchScreen,
distribution centre handling time per incoming document has decreased from 20
to 22 seconds per document to 8 seconds, a reduction of 60 to 64%. Downstream
productivity has increased by 15 to 20%.  Elimination of cover sheets has
reduced distribution centre paper use by 80%.

        2.    Improved customer service and quality: TouchScreen has enabled faster
processing of all transactions and early identification of items requiring
priority processing and/or special handling. Errors have been reduced by real-
time data verification and intuitive promoting of non-routine items.
Responsiveness to client inquiries is improved through earlier access to more
information about individual transactions.

        3.    Potential deployment at client sites and beyond: To date IFDS has
deployed TouchScreen in its own distribution centres only. But TouchScreen has
value for IFDS clients operating their own distribution centres using the AWD
product. It also has potential for deployment beyond the IFDS client base and
the financial services industry.
IFDS believes it is the first to develop TouchScreen classification within its
industry and that the application itself is transformative—that is, its full
impact will only be realized as users apply it to various business models.
However, several significant changes are already apparent:

        Increased Competitiveness as a result of:
o     Lower operating costs
o     Fewer processing errors
o     Greater flexibility to handle high priority and special needs
transactions
o     More responsive customer service
o     Enhanced workforce monitoring and management

        Wider Adoption: Any business that receives and distributes transaction-
related documents and that has deployed, or is willing to deploy AWD, will
realize significant benefits from deploying TouchScreen.

 

    List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

        The industry agrees that TouchScreen is important: In 2010 IFDS was recognized
at the Canadian Investment Awards as winner of the “Best Use of Technology”
award for its Touch Screen Classification Technology. For the full
announcement, please visit:
http://www.ifdsgroup.com/html_ca/downloads/press-releases/IFDS%20Press%20Release%20102%20-%20CI%20Awards.pdf

        For a before-and-after TouchScreen video, see
http://www.ifdsgroup.ca/touchscreen/

    Provide a brief (up to 100 words) biography about the leader of this nominated company:

        Debralee Goldberg is President and Chief Executive Officer of IFDS. Debralee
has served as president since August 2006, as well as a Board Member. Debralee
has over 30 year’s experience in the financial services industry and has
superior knowledge of mutual fund transfer agency operations, systems and
client services.

        Debralee is a native of Boston. She received a Bachelor of Arts from Boston
University and sits on the Dean’s Advisory Board for the College of General
Studies (of Boston University), as well as on the Alumni Council Board.
Debralee also serves on the Board of Directors of FundSERV Inc., Canada.