Customer Lifecycle Interaction Platform

A Salesforce-based platform that brings together all of the parties involved in a Customer Due Diligence, including the clients themselves. Through placing everything and everybody on the same platform, a ‘single source of truth’ is created. This results in better and more clear communication, faster document exchange and a more effective and efficient way of working for everyone involved.

Description

The increase and sensitive nature of the required data and documents causes most companies’ need to focus on resolving the problems in the client-outreach ‘bottleneck’. The main reason for this is that they must meet their compliance deadlines and know they should be smarter in their processes. Customer Lifecycle Interaction Platform allows for:

A decrease in the amount of handovers within your organisation during the onboarding and customer interaction
Involvement of all stakeholders in the onboarding, outreach and regulatory processes in a single shared platform
Digitalisation of the onboarding and outreach processes into a dynamic workflow, including customer interaction
Increase in the transparency and acceptance of both customers and users though clear and simple language and processes
Gains in efficiency and effectiveness of the outreach process.

Benefits

Improved customer experience
Decrease processing time
Cost savings
Faster throughput time
Improved safety and compliance

Challenge 1: Know Your Customer (KYC)

A significant challenge and responsibility for bank lies in a) knowing who their customers are and b) knowing what their activities are. Simply put: Know Your Customer (KYC). Over the past years society has been looking differently at KYC processes, igniting intensified pressure from regulators. Banks are expected to gather large amounts of information on their customers. The trouble here is however: how do you reach your customers in a structured and effective way? How do you as a bank remain in control over this process? And how do you ensure the right customer experience throughout the information gathering process?

Challenge 2: IBOR Repapering

An impactful part from the BMR regulation is the phase-out of the interbank offered rate such as LIBOR and EURIBOR. As a consequence, millions of contracts need to be rewritten and potentially renegotiated. As a part of similar large regulatory transitions in the past (for example interest rate derivatives remediation), the remediation is a particularly difficult, error-prone and time consuming job. How can you as a bank still achieve the remediation in a customer friendly and structured manner?