Sal Gagliano, Senior Vice President and General Manager for the Broadridge Marketing & Regulatory Communication Business, challenged his team to think about the correlation between digital transformation and business model innovation. “Digital transformation enables new ways for how we develop products, work with our clients and deliver value to the market. We knew we had an opportunity to improve the way we worked, increase client satisfaction and deliver better retirement outcomes at the end of the day.”
And — first things first — Broadridge’s own internal processes were up for discussion. When the Broadridge team first began working with Adobe, they started by re-engineering their traditional “waterfall” approach to product management, where each step follows the previous until completion. Jim Young, Broadridge’s Vice President of Product Management, knew that changing the way of working in any large organisation was both rewarding and hard work. "In today’s disruptive market, realising ambitious product expansion goals and changing a business model is an exciting challenge. We have learnt a great deal as an organisation from our history of innovating with many of the nation’s leading financial brands. We knew we needed to distil these insights to create a new working model for sustainable growth."
Cindy Volker, Vice President of Customer Experience and Product Strategy, led the charge to bring the retirement participant experience into the 21st century. The team knew to help their customers make an impact with their communications, they needed to be able to get to market faster. “Like many financial services firms, we were running our product enhancements and our client initiatives in a traditional waterfall fashion. Getting a client’s marketing project, for instance, end to end, could take a good six months,” said Volker.
On top of transforming internal business operations, the company also faced an industry in need of a fast path to modernising the investor experience. The retirement industry has relied heavily on print materials and Broadridge is a powerhouse for supporting clients’ paper communications. But as Volker noted, today’s plan sponsors and their participants expect an always on, digital-first experience that sets a new standard for firms who want to remain relevant. Engaging in innovation, leveraging digital capabilities, creating connected experiences instead of fleeting transactional events and using insights, analytics and metrics to drive relevant customer engagement across digital and print channels is the new bar that investors expect brands they trust to measure up to.
The rigidity of print was a sticking point in terms of keeping up with ever-changing government regulation. With new laws arising and old ones in flux, keeping up with regulations felt like a constant struggle. As Volker said, “We're constantly, as an industry, adjusting for new regulation and legislation, so the problem keeps getting bigger and bigger.” Volker knew that to help their clients be as successful as possible — and to help move their clients’ customers to close the retirement savings gap — they needed to turn to technology for help.