Netwealth & Appian launch AI-driven system to streamline services

Appian announced that Australian wealth management firm Netwealth has revamped its client and advisor case management system using the Appian AI Process Platform. The new system, named "Netflow," leverages Appian’s data fabric, automation technologies, and Private AI architecture to streamline operations, enhance self-service options, and significantly improve the experiences of both staff and clients.

Netflow makes use of Appian’s email classification AI Skill to automate the previously manual process of triaging case creation failure messages. Under the former system, employees needed to open each email, identify the reason for failure, and forward it to the appropriate team for resolution. The new AI-powered system bypasses manual review, automatically routing issues to the correct team for faster resolution.

Netwealth’s IT developers achieved a remarkable 98% accuracy rate for the email classification AI Skill within just a few minutes of training. Bernard Woolf, Product Owner at Netwealth, commented on the advancements, saying, “At Netwealth, we are laser-focused on enhancing the back-office experience by removing manual processes that create delays. Using AI within the rest of Appian’s automation toolset saves our team a significant amount of time, allowing Netwealth to redirect efforts to focusing on our clients.”

Netwealth, established in 1999, is one of Australia’s fastest-growing wealth management businesses. The company has consistently been rated the best by customers for exceptional service, according to the Investment Trends May 2023 Adviser Technology Needs Report. Analysts also frequently rate Netwealth’s technology as top-tier. The firm aimed to find a case management solution that would improve efficiency, scalability, and integration for a substantial portion of its workforce involved in technology and administration roles.

"Our primary goal for the new case management system was to elevate the quality of service delivered to clients. We chose Appian for several reasons," said Woolf. "Appian’s highly-scalable cloud architecture aligns with our long-term technology strategy, and Appian's architecture made the system easy to integrate with our other IT systems such as Microsoft SharePoint, PowerBI, and Zendesk."

Since adopting the Appian Platform, Netwealth has expanded its case management processes from a single workflow type to over 30 tailored workflows that meet the specific needs of different Netwealth administration teams. This evolution has facilitated more informed decision-making and reduced the number of internal queries.

As part of the rollout, Netwealth utilised the "Appian Accelerate" service to transfer knowledge of the Appian Platform to its IT development team. This initiative enabled Netwealth to enhance Netflow independently, offering the firm greater control and flexibility in system improvements and the creation of new applications.

“Our Appian Accelerate consultants were fantastic. Rather than just giving answers to questions, they would instead provide the high-level steps needed for the team to self-serve and find answers themselves. As a result, all of our Netwealth developers achieved Appian Associate Developer accreditation and are working towards Senior Developer status,” Woolf added.