Digitalization is set to streamline information flow between relationship managers and clients. As digital services and mobility become key requirements for wealth management and private banking, financial institutions are struggling to transform the previously personal customer relationship into a digital one.
Financial institutions are obliged to implement MiFID II/MiFIR by January 3, 2017. MiFID II/MiFIR affects all financial institutions that are involved in developing, distributing and trading financial products.
Several banks still have disparate processes and systems for KYC and on-boarding new customers. Today, there is an increasing need to identify synergies and centralize the key AML/KYC and on-boarding functions.
The financial crisis combined with loss of customer trust is creating new challenges for banks by intensifying regulatory requirements and causing dynamic shifts in customer behavior. As customers shift between online and offline channels, it is important to handle, structure and analyze customer data and customer insights to manage these challenges.