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Heading into 2020, we were focused on taking our Fidelity Institutional Service Model to the next level, to best serve our clients, as they dealt with growing competition from “Robo Advisor” technology solutions and a competitive landscape that had driven trade commission fees down to $0. To ensure we were doing everything possible to help our clients adapt, we formed a steering committee consisting of the largest and most complex firms we support. We met monthly, collected feedback, and designed & deployed our newly enhanced Service Model in partnership with our clients. We are incredibly grateful that the work we put into our Fidelity Institutional “Next Generation Service Model” was recognized with a Gold Stevie Award in May, 2021.
In 2021, we continued to invest in and enhance our Service Model, to meet the evolving needs of our clients. Our Service and Phone Support Team launched a new Client Chat Tool which also includes Screenshare capabilities. This new Tool reduces the amount of time it takes our clients to connect to a Support Team member and allows them to quickly screenshare, which expedites troubleshooting and problem resolution discussions. Our Phone Team serviced a record 352,397 calls in 2020 and followed that up in 2021 with a new record # of calls serviced, 378,140. In addition to this, 67,680 new customer accounts were established in 2020 and another 117,766 opened in 2021 (YOY increase of 74%.)
In 2020, our steering committee clients asked to have our Client Management Team lead an effort to reduce their paper mailing costs. A new Practice Level Reporting Dashboard was deployed, providing new reports & insights into expense reduction opportunities. The new suite of reports allowed clients to hone-in on the specific offices, advisors and accounts generating the most paper & associated mailing expenses at each firm. A targeted marketing campaign delivered “Click To Agree” emails to 1.12M account holders, allowing them to enroll in “paperless statements” with a single click. The campaign resulted in 215,000 new accounts enrolling in “paperless document delivery” and savings of over $4M to our clients in 2020. This remained a high priority in 2021 and over the course of the year, more than 100,000 new accounts were enrolled, resulting in additional, annual savings of $2M+ to our clients.
Clients also requested that we include our Quality Consulting Team services as a standard part of our new model. In response to this feedback, our Quality Team standardized their client engagement model, which provides clients with detailed analytics and actionable steps for clients to take to reduce processing errors, calls and associated costs. They also guided clients through deploying new Money Movement, eSignature capabilities, which reduce processing times and help account owners receive funds more quickly. Their efforts resulted in over $29M of transactions processed leveraging eSignature vs $5M in 2019, (an increase of 550%). In 2021, eSignature transactions grew exponentially yet again and reached $116M (300% YOY growth). We were extremely proud to see our Quality team recognized with a Gold Stevie Award in May, 2021.
In late 2021, we established a new “Service Integration Team” that is focused on identifying, testing and implementing new approaches to leveraging data & technology that will improve client experience. The team has already received high praise from our clients for the work they’ve done to drive improvements to exception and escalation processing times and for enhancing our Service Recovery process.
We were honored and humbled that our Service Model was recognized with a Gold Stevie Award in 2021. We hope the work we’ve done in 2021, including the sharpened focus on client efficiency brought to bear by our new Service Integration Team, continued focus on cost savings, including an additional $2M in mailing expenses, while supporting record call volumes and growth in new accounts will allow us to be considered for an award again this year.
