Digital Transformation in Financial Institutions

Digital Transformation in Financial Institutions’ Customer Lifecycle Management

Financial Institutions globally understand that digital innovations are key to ensuring competitiveness in today’s new digital banking world. Organisations like Swiss Fintech Innovation believe there is a large potential for digital transformation in the financial sector today because of the empowered digital customer, evolving digital business models, and changing business ecosystems.

Advancing digitalisation and powerful new technologies are helping financial service providers create operational simplifications through process efficiency, reduce risk, save costs, and improve the customer experience throughout the customer lifecycle.

Furthermore, financial service providers are realising that real digital transformation can no longer happen in silos of each individual department or business line but rather demands improved integration between teams and systems using the latest technologies.

We have found that through working with financial institutions across the industry that interdisciplinary teams from the specialist areas of innovation and digitalisation, onboarding and monitoring, risk and compliance can all help each other achieve their objectives by implementing the same Financial Technology (Fintech) and Regulatory technology (Regtech) solutions.

Why FinTech is the Next Frontier in Customer Lifecycle Management

Financial institutions want to be better at Customer Lifecycle Management, from the beginning of the customer relationship and across the entire value chain. The critical importance of customer experience in our new world is well understood by Heads of Customer Lifecycle Management, Digital Innovation Leaders, and Chief Customer Experience Officers alike.

In fact, many of the largest and most sophisticated financial institutions focusing on customer experience as their key priority. Client experience should be end-to-end. The new digitally savvy customers no longer have the time or the patience to endure an outdated manual experience.

Customers expect to have an engaging, straightforward, and pleasant interaction with financial products. However financial institutions have many challenges to overcome including ensuring their interface is user-friendly, providing efficient onboarding processes, and achieving improved integration between teams and systems that manage customers throughout the customer lifecycle.

Fintech and Regtech solutions enable financial institutions to meet these challenges and digitize the customer journey, allowing them to step away from legacy systems and manual processes that have caused both customers and customer service officers' frustration and pain.

Using the latest fintech and Regtech innovations financial institutions can transform their customer experience and provide a faster and easier customer experience at each stage of the customer lifecycle.

Digital Innovation in RegTech to Ensure Regulatory Compliance

The highly regulated financial sector, banks, and other financial service providers are continuously confronted with increasing regulatory requirements. These include compliance anti-money laundering (AML) and tax reporting regulations like Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) and Know-Your-Customer (KYC) customer identification regulations. These AML regulations, foreign customers, and manual tax compliance processes and procedures can account for a large share of institutions' compliance costs.

We are seeing many financial institutions' decisions to implement modern technology being driven by regulations. Especially in the current regulatory environment where the tax authorities are keeping financial service providers on their toes with keeping their processes in line with the latest regulatory developments.

Regtech solutions facilitate the efficient and cost-effective implementation of regulatory requirements. Putting in place Regtech solutions will enable banks and financial service providers to monitor and enforce compliance with regulations whilst significantly reducing costs and managing risk.

FinTech Partnerships with Financial Institutions for Digital Innovation

Do financial institutions and financial service providers have to reinvent everything themselves? Or can they call on specialised partners like Fintech and Regtech companies to help propel their digital innovations forward?

Our experiences with financial institutions across the industry shows that not all of them have the capacity to run an innovation lab to push digital transformation projects and at the same time focus on their core competencies.

TAINA has had the honor of being selected to take part in digital innovation initiatives such as the Fintech Mission to Western Europe and the Regtech Roadshow to the US, where a cohort of UK-based Fintech and Regtech companies showcase the latest in digital innovations to regulators and financial services companies.

This global Fintech and Regtech tours provide an environment where financial institutions and regulators can learn about emerging innovative business models and software solutions. These initiatives promote cooperation on digital innovation and facilitate partnerships between financial institutions and Fintech companies, resulting in true digital transformation.

TAINA Solution for Customer Lifecycle Management and Regulatory Compliance

At TAINA, we provide essential and cutting-edge technology to help innovative financial institutions achieve their very specific goals. The fully automated FATCA and CRS Validation platform offers our customers in the financial sector support with proven solutions precisely where the customer relationship begins and continues throughout the entire customer lifecycle.

The powerful features of the fully automated, flexible, and lightweight TAINA platform help financial institutions to save costs, reduce risks and radically improve the customer experience throughout the entire customer lifecycle.

The TAINA solution has already helped some of the largest and most sophisticated financial institutions reduce their back-and-forth with customers by 85% and helped financial institution customers complete complex tax forms 63% faster with simplified digital journeys.

We would love to talk to you about our latest digital innovations and see how you can use our expertise to achieve your digital transformation goals. For more information reach out to us or request a demo today.