Banking and Financial Services

Banking and Financial Services

Banking and financial services companies are redesigning their future with a shift towards digital, and opening the doors to new services, new experiences and customer contact points and operational efficiencies.

Technology ends up changing the rules of the game and all sectors, particularly banking are being attacked by disruptive developments, which leads to a search for new strategies, such as, for example, Banks as Platforms.

The traditional model of banks is threatened by commoditization, disaggregation and disintermediation. The pressure comes from everywhere, from new regulations, company technologies (glasses), fintech, and the Bank-as-a-Platform (BaaP) strategy can encourage banks to use some of those forces in their favor.

The current competitive environment in the financial sector requires a new mentality and a new way of banking. The competition is not only between companies, with their own products and assets, but between ecosystems, with partners that are able to combine services, orchestrate resources and execute coordinated actions.

The platform strategy for banking seeks to build or integrate an ecosystem with customers, partners, services and devices, in order to promote the creation and exchange of services, so that everyone can capture value.

BusinessGoOn offers long-term strategic solutions for our customers to respond to technological changes while remaining competitive and profitable.

Our solutions focus on transforming banking into digital platforms, Banks as digital business platforms. In this way, banking will be more effective and efficient in its operational business processes such as, repetitive process automation, manage and administer compliance and regulatory risk, improve supplier management and improve the experience of its customers. etc.

The BusinessGoOn team designs, develops and implements Digital Business Platforms for banking, which provide solutions to the different challenges facing the financial sector:

Customer Experience

At present, we do not choose our bank because of its product portfolio, or because it has the nearest local bank branch. Today’s choices are strongly influenced by the quality of the experience, especially with respect to user friendliness and convenience.

1.-Customer lifecycle management

It is an end to end platform that allows banks to transform the way they manage customers, from initial incorporation to KYC / AML compliance, customer data management and administration, and their exit from the bank.

The solution is a technology-digital platform that enables financial institutions to manage new and existing customer data, documentation and regulatory requirements, ensuring full compliance with regulatory and risk obligations throughout the customer lifecycle.

BusinessGoOn’s lifecycle approach to customer management means that our solution goes beyond initial incorporation and offers a customer lifetime view, enabling the financial institution to perform data updates, continuous due diligence and use centralized data to support new regulatory obligations, increase sales with cross-selling and up-selling.

Benefits

+Faster onboarding of a client. Improvement by 25-30%.

+Ensures and ensures compliance across multiple regulatory frameworks in multiple jurisdictions;

+Increase in efficiency and achieve significant savings in operating costs, around 40-50%.

+Improves overall customer experience and satisfaction.

Onboarding : Agile and fast.

The digital platform allows financial institutions to efficiently incorporate new customers or new products in compliance with a wide range of regulatory obligations.

The platform provides an end-to-end workflow management tool that manages all the sub-processes that must be executed to take a customer from initial registration at the bank to all the various stages of approvals and requests for information they need.

Therefore, it is integrated in Front Office, Compliance, Credit, Legal, Tech & Ops.

This greatly accelerates the time to register a new customer or a new product for an existing customer, improving the overall customer experience and revenue generation due to the sale of new financial products.

On the digital platform, the Onboarding process helps institutions adopt a ‘horizontal’ approach to achieving the highest level of compliance across all regulations, while introducing key operational efficiencies, eliminating the need for cumbersome IT requirements, and ultimately significantly reducing the overall cost of compliance.

Benefits

+Meets all regulatory requirements and tax classifications during the initial onboarding process and ongoing customer maintenance at all times

+The platform performs an end-to-end workflow process that is managed at the head office, compliance, credit, legal technology, and operations within the banking organization.

+Achieve the highest level of compliance in all regulations, while introducing key operational efficiencies, eliminating the need for costly additional modules or heavy IT requirements.

+Coverage of global regulations such as KYC, AML, FATCA, CRS, CDOT, Dodd-Frank, EMIR, Canadian regulations and APAC and MiFID II.

+Provide customers with secure exchange of data and documents through digital self-service channels.

Advanced analytics and 360º customer view

+Unlock data value to be more proactive, build stronger relationships, and deliver greater customer value

+Information-based results gain new capabilities to store, predict, analyze, and act on data in all areas of your bank, from fraud and risk management to personalized customer engagement and real-time transaction visibility.

+The digital platform will deliver personalized banking experiences that increase customer loyalty, trust your brand and keep you ahead of the competition.

2.-Management of the client Onmichanel.

The digital platform allows banks to offer a modern digital experience to customers, from any channel of their choice.

By digitally transforming back-to-front office operations, banks can offer customers a truly optimized, efficient and better customer experience throughout their lifecycle.

Integration of channels, devices and processes for seamless customer interaction.

At any time, your customers could interact with your bank through ten or more contact points. In the morning, they can check their balance in the mobile application. At lunchtime, they could withdraw money from one of their ATMs. In the afternoon they can have a video consultation with one of their advisors. And at home in the evening, they can use Twitter to contact their customer service center.

As banking shifts from a product-centric model to a customer-centric model, how it integrates these channels for a seamless customer experience.

Multi-channel integration of digital customers across all channels, business lines and geographies

Automated data and document capture, and with an API approach to integration, provides a true 360º customer view.

This digital customer orchestration offers greater operational efficiencies, through straight-through processing and faster incorporation of frictionless digital technologies for a continuous digital customer experience.

This includes the cloud-based digital customer channel for customer self-service, electronic signature capabilities and the use of ID&V technologies.

3.-Digital strategy

The realization of a digital strategy is essential for engagement with the customer

Listen to and participate in digital conversations with your customers, communicating consistently, in real time and with a level of contextual awareness that offers meaningful and personalized digital marketing. People now want their financial service providers to do the same.

You can transform your existing online communications. Through email, social networks, mobile devices, with a Digital Marketing campaign strategy you will provide a comprehensive management capability that will help you stay relevant to your customers.

You can remind a customer of an interrupted purchase. With lifestyle orientation, you can offer content insurance when your customer is buying their first home.

With knowledge of your preferred channels, you can successfully promote your new savings account. All through more advanced digital marketing services in both the front and back-end that combine to surprise your customers at the right time.

Automation and operational excellence

Financial institutions need to have operational excellence throughout the value chain. In fact, banking has between 35-40% of the tasks and processes prepared for robotics. That is to be automated.

In addition, operational excellence in the commercial value chain of banks makes an essential contribution to the quality of the customer experience. You could not have one without the other.

It is time to ask how to eliminate the dependence of all low value and high volume manual processes. It is not just about freeing the staff to do other more profitable banking businesses, it is also about reducing the error and the risks that these operations entail.

Robotics, AI, Blockchain.

In a non-automated world, the first response to ensure compliance throughout the client’s life cycle often involves applying a brute force to the problem, that is, adding more staff to conduct reviews and compliance checks, saturating highly qualified resources. with mundane, repetitive and worthless elements. Adding homework

Transform compliance, data and integration with robotics.

Financial institutions must dispense with the traditional business model and adopt a transformative process to re-imagine how compliance, data management and integration can be revolutionized and made more efficient.

The digital platform will create and develop a set of robotics and artificial intelligence solutions designed to digitize various customer lifecycle management processes to create greater efficiencies and reduce the associated regulatory cost pressures.

The solution set (RPA) allows financial institutions to further automate the routine processes of Anti-Money Laundering (AML) and Know Your Customer (KYC), dramatically improving operational efficiency and resource utilization.

The RPA allows financial institutions to automate repetitive tasks, with no added value and intensive data usage, giving employees time to focus on customer-centered activities of greater value.

In this way, banks can reduce task management times, reduce error rates, reduce costs, improve integration and compliance times, and increase time to earn income.

Intelligent process automation can help in the following activities:

Customer data capture
Classification and evidence of regulatory clients
AML / KYC Compliance
Document processing
Staff Administration

Benefits.

Intelligent automation of repetitive tasks, without added value and data intensive, giving employees time to focus on higher value and customer-centric activities

Streamline the incorporation of customers and ensure compliance with best practices in the field of regulatory rules.

Offer a more consistent digital experience on all customer-oriented channels with a 360º view of each customer

Guarantees and ensures compliance with a wide range of AML, KYC and global and regional taxes throughout the client’s life cycle

Reduce the need for human interaction and allow simpler integration to multiple multiple channels in internal and customer operations.

Compliance and regulations

The global regulatory landscape is constantly evolving and is forcing financial institutions to resolve multiple regulations and compliance rules simultaneously.

The digital banking platform has the obligation to protect customer data. All aspects of compliance and regulations must be ensured in the banking landscape as a digital platform.

The nature of threats changes continuously and rapidly, and digital security and compliance practices must be designed to anticipate this volatility.

BusinessGoOn as a partner in the digital transformation, knows that compliance and regulatory obligations are absolutely essential for the new digital banking business platform.

Our approach encompasses banking processes and operations and digital vulnerability.

The solution proposed in the digital platform brings together all the content, intelligence and rules required to support compliance with best practices with the global AML / KYC regulations, and tax.

Each of these regulations dictates a different set of data, documentation and regulatory classification requirements, which increases the pressure on regulatory compliance, data management and equipment.

The integrated solution in the digital platform supports the regulations required for investment, corporate and private banks to comply with regulations, including:

Anti-Money Laundering (AML)
Fiscal compliance (for example, FATCA, CRS / AEOI)
Financing against terrorism
Know your customer (KYC)
Due Diligence of Business Partners
Business alert and case management
Risk assessment and risk and compliance panels (MIFID II)
The design of the building block allows the variable combination of financial products.

Benefits

Get agility and maximize operational efficiency by centralizing the incorporation and management of the customer’s life cycle in multiple jurisdictions and different lines of banking business.

Streamline the incorporation of customers and ensure compliance with best practices.

Offer a more consistent digital experience on all customer-oriented channels with a 360º view of each customer.

Ensure compliance with a wide range of AML, KYC and global and regional taxes throughout the customer’s life cycle

Avoid fines and penalties derived from poor operational management in compliance and regulations.

Corporate and institutional banking.

Commercial and business banking.

Private banking and wealth management.

SECTORS