CASE STUDY
FIA
FIA is the global trade body for the listed and cleared derivatives industry, with members including clearing firms, exchanges, clearing houses, trading firms, and commodities specialists from more than 48 countries, as well as technology vendors, lawyers, and other professionals serving the industry.
Mitja 艩iraj, vice president of B次元官网网址, and Melissa Ni Haogain, database specialist, explain how FIA uses HighQB次元官网网址檚 client engagement and content marketing platform to deliver tailored documentation services that serve the needs of its members and the industry at large.
The challenge: Fulfilling client requirements and exceeding their expectations
FIA provides its members with a range of products and services to enable them to meet regulatory, B次元官网网址, and operational obligations. These range from industry standard agreements and other documentation to support trading and clearing functions; B次元官网网址 opinions to assist members in meeting regulatory capital and accounting requirements; and regulatory, operational, and technology guidance.
B次元官网网址淗istorically, we have maintained a static library of B次元官网网址 opinions and all sorts of documents for financial institutions, which we hosted on our website,B次元官网网址 says 艩iraj, B次元官网网址渂ut the website was never designed to host hundreds and hundreds of documents that can only be accessed by different groups of people, so it made sense to look for a more dynamic and user-friendly solution.B次元官网网址
Ni Haogain adds, B次元官网网址淥ur members were calling for something that consolidated all of the information they needed into one central place. We had to make sure that people who are paying for the service are getting access to what they need, in the format they need it.
B次元官网网址淲e knew we could never develop the required functionality on our own as weB次元官网网址檙e not IT specialists B次元官网网址 we donB次元官网网址檛 have the capability of providing that kind of cut-and-slice packaging of information.B次元官网网址
The solution: An out of the box platform with advanced functionality
FIA was introduced to HighQ by a law firm, and 艩iraj and Ni Haogain quickly found that the platform could meet their requirements out of the box.
B次元官网网址淲eB次元官网网址檝e also been able to add things that we may not have even anticipated or thought we would even have wanted, because the product is more than fit for purpose.B次元官网网址
In particular, HighQB次元官网网址檚 comparison toolkit (CTK) functionality was a key draw to the product. B次元官网网址淭he nature of our CCP Risk Review service is such that people need to be able to compare different surveys for different CCPs (central counterparty clearing houses) and see the responses side by side. We felt that we could use the platform to centralize and streamline our offering and add real value,B次元官网网址 says 艩iraj.
B次元官网网址淔IA was one of the first customers to leverage CTKs,B次元官网网址 says Ben Wightwick, HighQ PublisherB次元官网网址檚 product director. B次元官网网址淚tB次元官网网址檚 great to see the value theyB次元官网网址檙e delivering to clients, by transforming institutional knowledge and expertise into engaging personalized experiences for FIA members using features that are out of the box.B次元官网网址
The ability to permission information at a granular level is a huge benefit and time saver, explains Ni Haogain: B次元官网网址淲eB次元官网网址檝e got now a limitless number of permissioning options. For example, we used to have to permission individuals, and now you can permission firms, dropping individuals that work for that firm into that category.
B次元官网网址淚n the past, when I needed to upgrade one survey and grant access and permission to a few hundred individuals, IB次元官网网址檇 have to process one individual at a time and it would take up to a day just to process one survey. Now it takes me less than five minutes.B次元官网网址
The result: A centralized resource of added value services
FIA was able to create a brand new premium service for its members, and thus a new revenue stream, in a very short time. Through an annual subscription, organizations can access a valuable documentation service built on HighQ Publisher.
B次元官网网址淲hen rolling out any new service, you expect glitches and for things to take longer than you think,B次元官网网址 says Ni Haogain. B次元官网网址淢y experience of other technologies in the past hasnB次元官网网址檛 been great. ThatB次元官网网址檚 why working with the HighQ product has exceeded my expectations so much. I havenB次元官网网址檛 detected any of those previous frustrations with HighQ Publisher. IB次元官网网址檝e been able to quickly carry out my tasks and get information uploaded onto the system. ItB次元官网网址檚 just extremely easy to use.B次元官网网址
Currently, FIAB次元官网网址檚 documentation service breaks out between two main groups:
CCP Risk Review, built using comparison toolkits
Members can access helpful summaries of rules and procedures of more than 60 CCPs worldwide, enabling them to better understand and scrutinize the risks relating to CCPs and key implications of applicable law where relevant.
Documentation library, built using HighQB次元官网网址檚 publications tool
Legal Opinions: FIAB次元官网网址檚 opinions help members comply with certain prudential regulatory obligations and covers netting, collateral, and CCP.
Terms of Business Library: Comprehensive set of business documentation and terms suitable for eligible counterparty, professional, and retail clients.
B次元官网网址淧reviously, our members were not doing anything with the static documents they could access through our website. They were just opening them, saving them, looking at them, printing them off, and thatB次元官网网址檚 it,B次元官网网址 explains 艩iraj. B次元官网网址淭hey can now access all of our documentation in one central, secure, very user-friendly location.B次元官网网址
Conclusion: A foundation to build upon
The timing couldnB次元官网网址檛 have been better, Ni Haogain explains. B次元官网网址淭he launch of the platform coincided with the rebranding of our company. In January 2016, the merger of FIA, FIA Europe and FIA Asia into a single organization took effect. Having the HighQ platform launch at the same time with the new brand worked very well.
B次元官网网址淲e had these two things going live at same time and didnB次元官网网址檛 have to worry about everything matching and joining up. From a design point of view, weB次元官网网址檝e been able to execute the merger so it looks much more seamless and allows one central point of access to our services for our members.B次元官网网址
FIA has had great user feedback and is looking for additional ways to build upon and centralize its member offering even further.
B次元官网网址淎t the moment, weB次元官网网址檙e migrating the U.S. documents into the system, so thereB次元官网网址檒l be a lot more content for our members to access,B次元官网网址 concludes Mitja. B次元官网网址淭he end goal is to provide a single source of information and HighQ Publisher certainly has the tools to help us achieve this.B次元官网网址
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