5S PRojectS | DEUTSCHE BANK | TAX COMPLIANCE

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

The Problem

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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.

From day 1, she delivered impressive results, very quickly grasping the complexities of FATCA and more importantly, the challenges it posed for the business. The quality, frequency and sheer volume of her output was exceptional - so much so, that she was key in providing wider input and expertise across the banking group. Her people skills are excellent. Stakeholders warm to her very quickly enabling her to develop very good working relationships to extract information and produce great results. She was also a genuine pleasure to work with and a real team-player, and I would not hesitate to hire her again.
jindy mann
BCS CONSULTING | MANAGEMENT CONSULTANT

Analysis

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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.

Product Development

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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

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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.

From day 1, she delivered impressive results, very quickly grasping the complexities of FATCA and more importantly, the challenges it posed for the business. The quality, frequency and sheer volume of her output was exceptional - so much so, that she was key in providing wider input and expertise across the banking group. Her people skills are excellent. Stakeholders warm to her very quickly enabling her to develop very good working relationships to extract information and produce great results. She was also a genuine pleasure to work with and a real team-player, and I would not hesitate to hire her again.
jindy mann
BCS CONSULTING | MANAGEMENT CONSULTANT
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