Product Development for a Compliant Customer Journey Win
Replacing a cumbersome and manual solution with a robust and compliant system for a smooth customer journey and onboarding process
MANUAL AND CUMBERSOME CUSTOMER JOURNEY
We were thrilled when one of the consultancy firms (BCS Consulting) we worked with previously wanted to bring us in as the subject matter experts on a tax compliance (FATCA) project for Deutsche Bank.
Deutsche Bank had a FATCA process in place, but it was very cumbersome and tactical rather than strategic.
Coupled with the fact that the Common Reporting Standard (the global version of FATCA) brought more complexity to classify clients and accounts for tax compliance, Deutsche Bank needed a simple strategic solution that was automated to minimise manual effort and remain compliant while also creating a smooth, less error prone customer journey and onboarding process.
We re-reviewed the previous requirements upon which the current solution was built on against the regulatory requirements of FATCA and CRS.
After identifying the issues within the existing customer journey, and with our expertise in these regulations, we updated the list of what was needed for both FATCA and CRS, and managed the co-ordination of approvals to be obtained from the heads of Group Tax and other impacted areas.
Given the number of classifications that the regulations required us to assign to clients and their accounts, we developed a classification process that was to be embedded within the customer journey and mapped out the data entry points that could determine each one.
With the focus being on an automated customer journey and onboarding process for classification, we started to look at the options of developing a classification tool with a third-party on the back of our classification table.
We worked closely with the third party to create a product that Deutsche Bank, and other banks, could use to easily determine a clients tax compliance classification to remove the un-necessary manual work that was currently being done.
The client outcome
COMPLIANT AND STREAMLINED CUSTOMER JOURNEY
With various consultants and suppliers involved in the project (Dun & Bradstreet, PWC, BCS consulting and ourselves), transparency and streamlined communication was key.
One of our longer projects due to its size and subject matter, the bank now had a fully compliant solution that minimised the risk of human error and wasted effort.
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