There has been a definite trend lately within the banking industry towards digitalization. Banks aim to modernize and enhance both their internal processes and client services with digital solutions to increase efficiency and provide a better customer experience. This is also why our new client, a European Bank, chose FA Solutions.
We are delighted to announce that yet another European bank has chosen FA Solutions to execute an overall digitalization of both their internal processes and client services. The goal is to make internal work more efficient, streamlined, and flexible and provide end clients with a better customer experience with easy-to-use digital tools. Choosing FA’s digital platform will also help the client meet the banking industry’s heavy regulatory requirements and compliance checks.
Before choosing FA, this customer hadn’t used an automated and dedicated digital solution in Asset Management neither in the back nor client-side. Because of this, new clients, for example, had to physically visit the bank’s premises to sign the forms and fill in KYC information to start the clientship and call or see the bank if they wanted to make changes in their portfolio.
This client wanted an automated digital solution to improve and facilitate both internal work and client services. They chose FA because of our unique Front-to-Back offering that enabled an overall digitalization of internal and external processes, tools, and services. On top of a better customer experience and increased internal efficiency and work fluency, a cloud-based digital platform also enables employees to work remotely, which has proven to be a critical possibility in today’s world.
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Changing into a new dedicated Asset Management system from non-dedicated ones raises one question, though: how does the new system communicate with other infrastructure, platforms, and applications still needed? Luckily, the FA Platform has very flexible APIs and file-based approaches that allow it to integrate with basically anything, such as a core banking system.
One more key reason this customer chose us was that our platform’s front-end seemed easy-to-use for their retail clients. The FA Platform can integrate with multiple platforms offering other services while the end-client experience remains effortless. For example, you can easily execute trade orders in FA via different trading connections.
Our solution also helps the client meet the heavy regulatory requirements of the industry by offering a bulletproof audit trail built inside the system. Moving from non-dedicated apps such as separate sheets to a cloud-based SaaS platform also reduces the key person risk. One person is usually the owner of individual sheets, and if that person leaves, the access to the data in the sheets might disappear.
So we are happy to say that our solution will help this bank streamline many business-critical processes both in the background and on the client-side, thus significantly improving overall efficiency and customer and employee satisfaction.
