Transform Customer Experiences in 2021 Using a FATCA & CRS solution

Compliance Solution power to revolutionize your customer experience in 2021

Every single financial institution we speak to is passionate about their customers’ experience and in particular how they can deliver superior customer experience whilst still maintaining robust FATCA and CRS compliance.  Historically, financial institutions have had to wrestle with the challenging balancing act of providing a good customer experience whilst ensuring  regulatory compliance. Manual FATCA and CRS compliance process have negatively impacted the customer experience in the following ways;

• Many customers dislike or are unfamiliar with traditional tax forms which has led to high error and rejection rates with customers submitting an invalid form 65% of the time.

• Lengthy back and forth between customers and tax operatives for valid forms often results in high levels of customer frustration, dissatisfaction and in some cases loss of customers.

• Customers often experience lengthy delays between submission and feedback and then further delays between onboarding and accessing the financial product. 

We listened to the industry, and as we have enhanced our fully automated FATCA, CRS and QI Compliance Platform by developing an Online Customer and Investor Portal which is focussed on providing your customers and investors with simple and intuitive customer tax form submission journeys.

The new Online Customer and Investor Portal is now live and in production delivering improved adoption by end customers, with a much reduced rejection rate of up to 85% that keeps the customer services and back office teams very happy.

The Platform provides an easy navigation, intuitive hints and tips, real time FATCA and CRS validation, pre-population of forms and a sophisticated yet simple workflow, which makes it quicker to get customers onboarded and using your financial product. Resulting in an overall superior customer experience and competitive advantage for financial institutions of all types.

Talking about pre-population - Rasheed Khan – TAINA MD Americas adds "TAINA has worked with our clients to develop acceptable rules for populating the CRS and W series forms in line with FATCA and CRS regulations, taking into consideration regulators expectations that specific information be entered by the client. The new process will save client time and reduce data entry errors, while only requiring the data once from the client."

At TAINA we understand that customers and investors may not choose their financial institution based on their robust FATCA and CRS validation and reporting processes however they will compare institutions overall customer experiences. Therefore by  automating your FATCA and CRS  you not only benefit from reducing risk and saving costs by streamlining the tax validation and reporting processes but you will also benefit from providing a superior customer experience that sets you apart from the competition.

We would be delighted to talk to you more about your current FATCA, CRS and QI compliance process and about how our fully-automated FATCA, CRS and QI Platform can help you provide a superior customer experience. For more information reach out to us or request a demo today.