BREXIT: NO CHERRY-PICKING
On June 23, 2016 the United Kingdom (UK) voted to leave the European Union (EU). The decision sent shock-waves throughout the world and the UK is now scheduled to depart in March 2019. The next step in the negotiations is one of the most important questions for the UK: The place of financial services in any future trade relationship. Nevertheless, with the recent progress the EU are determined that the UK cannot ‘cherry pick’ the bits of the single market it likes.
Clearly, there is no doubt that Brexit will have a major impact on the UK and the EU – especially on banks. Planning ahead is the key and there is no reason to delay the Brexit plans and review your supply chain.
ADDITIONAL CAPACITY AVAILABLE FOR CLIENT MIGRATION
For many international banks customers will need to be transferred to the EU. A predicting result is that banks will have to on-board several customers in a short period of time with the risk of creating bottlenecks and backlogs throughout the supply chain. This can consequently lead to significant losses in revenues and market share. To support the client migration, passcon offers flexible onboarding remediation teams, who will help you navigate through this period of uncertainty.
PHASE I: Kick-start with a task force team
In order to start immediately a task force team will be set up either onsite or in our KYC & Onboarding factory locations. The set-up time from our side is not longer than one week and afterwards the team is ready to start with the first cases. This will provide the bank with the opportunity to migrate the agreed number of clients and avoid capacity constraint.
For a successful execution with transparent production in each process step we will deploy our End-to-End (E2E) Process Management System – GoKYC. This will help drive the KYC & Onboarding process in a compliant, easy and efficient way.
GoKYC can successfully supplement the existing KYC & Onboarding tools in the bank as a management and tracking tool existing of four main modules.
PHASE II: E2E Process improvement
For a sustainable KYC & Onboarding solution it is crucial to invest in process improvements. Tactical solutions such as huge remediation projects should only be short term initiatives to increase the capacity. During the remediation project we will present a number of observations, which typically disclose process inefficiencies. Based on our experience we are able to reduce the E2E production time and the number of client outreaches by 30 to 50 %, which will allow you either to realize cost saving or utilise the efficiency gain to increase the output.
We are happy to quickly support you with a flexible onboarding team to increase your KYC and onboarding capacity during the Brexit client migration. Please contact us for further details.
We are an independent consulting company focusing on solutions for the financial services industry. With more than 20 years of experience in consulting and banking we share extensive knowledge when delivering the highest quality of services. With over 70 professionals, we aim to make a positive difference within the global financial world.