PROJECT DETAILS
Website : Online Trusts Tool
Online Trust Form Selection and Signing Tool
What is an Online Trust?
An online trust is a digital platform or a legal arrangement managed through the internet that allows trustees to hold and manage assets for the benefit of a third party, known as the beneficiary. This setup can be used for various purposes, including estate planning, asset protection, charitable giving, and the management of specific assets or investments. An online trust leverages technology to streamline the management, operation, and communication processes associated with traditional trusts, providing efficiency, transparency, and accessibility.
Benefits of Custom Software Solutions for Online Trusts
1. Enhanced Security
Custom software solutions can provide state-of-the-art security features tailored to the specific needs of an online trust, protecting sensitive information from unauthorized access and cyber threats. This might include multi-factor authentication, encryption, and secure storage of digital assets.
2. Increased Efficiency
By automating many of the administrative tasks associated with managing a trust, such as distribution schedules, compliance reporting, and document management, custom software can significantly reduce the time and effort required, increasing operational efficiency.
3. Improved Accessibility
A custom platform can offer 24/7 access to trust information for all stakeholders through a user-friendly interface. This accessibility ensures that trustees, beneficiaries, and advisors can view asset performance, distributions, and other relevant information anytime, anywhere.
4. Customization and Flexibility
Custom software can be tailored to the specific requirements of the trust arrangement, accommodating unique assets, complex distribution rules, or specific regulatory compliance needs. This flexibility ensures that the software solution can adapt to changing circumstances or legal requirements.
5. Transparency and Accountability
Custom solutions can provide comprehensive auditing and tracking features, offering a clear, time-stamped record of all actions taken within the trust. This transparency fosters trust among beneficiaries and helps ensure that trustees are meeting their fiduciary responsibilities.
6. Enhanced Communication
Integrated communication tools can facilitate better interaction among stakeholders, including secure messaging, notification systems, and collaborative platforms. This can help in keeping all parties informed about trust activities and decisions, enhancing the overall governance of the trust.
How It Benefits All Stakeholders
- Trustees gain a streamlined workflow, reduced administrative burden, and tools to help them manage the trust more effectively and in compliance with legal obligations.
- Beneficiaries benefit from increased transparency, instant access to trust information, and enhanced communication with trustees, ensuring their interests are being served as intended.
- Advisors and Professionals involved in the trust (e.g., lawyers, accountants) can access relevant information more efficiently, provide better advice based on real-time data, and collaborate more effectively with trustees and beneficiaries.
- Regulators can also benefit from more standardized reporting and easier access to auditable records, facilitating oversight and compliance checks.
The Challenge
In the financial services sector, specifically for financial advisers and LV= members, there was a pressing need for a streamlined, secure, and digital-first approach to managing trust forms for policies. The existing processes were cumbersome, time-consuming, and often required manual intervention, leading to inefficiencies and potential for errors.
Key Challenges Included
- Complexity in Form Selection: Users often faced difficulties in selecting the appropriate trust form that aligned with their specific policy needs.
- Manual and Inefficient Form Completion Process: The traditional method of form filling and signing was not only slow but also prone to errors.
- Lack of Integration and Automation: The process lacked a cohesive system for trustee collaboration and real-time status tracking.
The Solution
Developed by Assemblysoft - Leveraging our expertise in ASP.NET MVC, JavaScript, and Azure DevOps, we created an innovative online tool that addresses these challenges effectively.
Key Components of the Solution
- Interactive Questionnaire with ASP.NET MVC and JavaScript: A dynamic, responsive questionnaire guides users to the correct trust form. ASP.NET MVC handles complex server-side logic, while JavaScript ensures a responsive and engaging client-side experience.
With over several thousand permutations resulting from the products and options supported, a decision tree design was formulated and developed using .NET Core.
- Digital Form Filling and Signature Feature: The tool allows for digital completion and signature of forms, supporting a range of devices and input methods. This feature not only enhances user experience but also ensures data integrity and security.
- Automated Email System for Trustee Collaboration: Once a form is completed, it is automatically sent to trustees for digital signatures, streamlining the collaboration process.
- Azure DevOps Pipeline for End-to-End Management: From development to deployment, Azure DevOps pipeline ensures continuous integration and delivery, facilitating efficient tracking and management of the entire process.
In parallel an Azure DevOps pipeline was designed and developed to support the DevOps process of rapid development and release cycles into Microsoft Azure. Security penetration testing, gated check-ins, automated unit and integration tests for client side and server side features, deployment slots, user acceptance testing capabilities and multiple team level approvals were just a sample of the smarts employed which led to a day 1 production deployment without incident.
If you would like some assistance with .NET MAUI | Azure | Azure DevOps Services | Blazor Development then please get in touch, we would be glad to help.
The Results
The deployment of this online tool marked a significant transformation in how financial advisers and LV= members manage trust forms.
Key Results Achieved
- Enhanced Efficiency and Accuracy: The digital and automated nature of the tool significantly reduced the time required to complete and process trust forms, while also minimizing errors.
- Improved User Experience: The intuitive interface and responsive design of the tool led to higher user satisfaction and engagement.
- Increased Compliance and Security: With robust security measures in place, the tool ensures that all sensitive information is handled securely, in compliance with industry standards.
- Scalability and Reliability: Leveraging Azure's cloud capabilities, the tool is designed to handle a high volume of users and forms, ensuring reliability and scalability.
The success of this project demonstrates Assemblysoft's ability to understand and address specific client needs in the financial sector, leveraging the latest technologies in ASP.NET MVC, JavaScript, and Azure DevOps. Our approach not only solved the immediate challenges faced by financial advisers and LV= members but also set a new standard for efficiency, security, and user experience in digital form management.
At Assemblysoft we specialise in Custom Software Development tailored to your requirements. We can onboard and add value to your business rapidly. We are an experienced Full-stack development team able to provide specific technical expertise or manage your project requirements end to end. We specialise in the Microsoft cloud and .NET Solutions and Services. Our developers are Microsoft Certified. We have real-world experience developing .NET applications and Azure Services for a large array of business domains. If you would like some assistance with Azure | Azure DevOps Services | Blazor Development | .NET MAUI Development or in need of custom software development, from an experienced development team in the United Kingdom, then please get in touch, we would love to add immediate value to your business.
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