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Public Sector Cloud Computing Case Study: Securities and Exchange Commission
Securities and Exchange Commission – Investor Advocacy System
Improving service for over 90,000 consumer contacts annually by migrating 10-year old legacy investor advocacy system to cloud-based CRM solution
Vivek Kundra, U.S. Chief Information Officer
The Office of Investor Education and Advocacy (OIEA) serves individual investors who complain to the SEC about investment fraud or the mishandling of their investments by securities professionals. The staff responds to a broad range of investor contacts through phones, email, web-forms, and US mail with volumes close to 90,000 contacts annually. Case files were previously tracked in a 10 year old in-house system. Like many older systems there were several limitations including the inability attach documents, handle paper files, and provide accurate reports. The older system was also intermittent in regards to up-time and system speed.
To address these issues, the SEC implemented a cloud-based CRM tool called Salesforce.com. The implementation of Software as a Service (SaaS) solution that took less than 14 months from inception to deployment. Since the implementation of OIEA, the SEC has realized improvements in system reliability, efficiency and accuracy. Paper files are scanned into the system and worked electronically. All investor contact channels (email, web-form, US mail, fax, and phone) are brought into a single queue to be assigned and worked electronically. All documentation can now be attached to case files, which allows staff member to build complete chronology of events.
Using this new paperless environment, the time required to complete files has significantly been reduced. In many cases it was decreased up to 75 percent. Lifecycle tracking is now also available, allowing management the ability see at what stage and the chain of events for every case file. The system now also tracks information that is useful for assisting investors as well as reporting on data that is valuable to other SEC divisions.
Having this new solution better equips SEC in assisting investors efficiently and accurately, which is even more important as we are still dealing with the financial crisis.
