A challenge for Client Data Management and the key to improved banking products and services
Financial institutions are exposed to a greater regulatory pressure on the part of various national and international authorities, especially from Europe and the USA. The Foreign Account Tax Compliance Act (FATCA), the Automatic Exchange of Information (AEoI), MiFID II or the Dodd-Frank-Act (DFA) are just some examples of regulations that a bank has to comply with. All these regulations have one thing in common: They all lead to substantial challenges concerning conformity and completeness of client data.
Financial institutions confronted with these new regulations are giving high priority to addressing these regulatory changes and resolving of relics from the past. However, the new way of handling client data and the investment in regulatory change should not be seen only as a potential danger and a matter of expense but also as an opportunity. If the handling of client data is viewed holistically across the different regulations, the quality, accessibility and consistency can be improved which leads to new opportunities.
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