Event
Transparency Without Borders: Dinner-Discussion
The banking and financial services sectors are becoming increasingly undifferentiated, subject to tightening margins and ever-increasing regulatory constrictions. Customer experience is the only remaining driver of competitive advantage, and therefore a necessity for both attracting and retaining customers. Yet this year, 78% of Global Banks reported having lost between 20% and 50% of new business because of poor service (Finextra).
Why then are some customers still being forced to wait for 4-5 weeks to complete the onboarding process?
Not only is this wait inherently aggravating but it can often “unsell” a customer on the decision just made. This is an ongoing boardroom battle as onboarding is not just driving customer attrition, but is also one of the regulatory areas most rife for punitive fines. A lack of transparency, substandard KYC and AML checks, failure to meet international requirements and the ongoing inability to produce concrete audit trails saw fines against banks total $10 billion last year, with the total so far for this year looking set to be even higher!
So what is stopping a new and more agile market entrant, unencumbered by legacy and paper-based processes, from capitalising on market-wide attrition to offer a superior, faster, more consistent, and globally compliant onboarding experience?
With a 5% reduction in customer-defection capable of increasing profits up to 95%, a high-quality and consistent differentiated customer experience presents the greatest opportunity for sustainable revenue growth (KPMG).
The Discussion
This is at the heart of the upcoming Transparency Without Borders dinner-discussion, taking a collaborative approach to the many challenges of onboarding in the market at the moment. We’ll be touching on such questions as:
- How can we ensure onboarding processes are robust enough to stand up to both increasing customer demands and regulatory scrutiny?
- Regulators have made it very clear that the responsibility will still always lie with the banks and not third party entities to provide an audit trail, but where should the responsibility lie for collating and verifying onboarding information?
- What is best practice for managing KYC and AML demands as an industry as well as on an individual-firm basis?
- How can organisations ensure they don’t lose out on business by wrongly assessing the customer?
- What is best practice for balancing UK and cross border requirements, accounting for market discrepancies and ongoing changes to be truly “globally compliant”?
About the Event
Join an intimate group of senior executives involved in onboarding and compliance at some of the world’s biggest banks on 24th November for a round-table industry discussion. We are meeting at St James’ Hotel & Club – one of London’s most elegant private dining locations, and a mere two minute walk from Green Park tube station. The evening starts at 6:30pm with half an hour of networking drinks before we move through to the private dining room at 7pm. This is where we are hosting our peer-to-peer discussion over a five star, three course dinner.
Agenda
6:30pm: Welcome Drinks Reception & Introductions
7:15pm: Transparency Without Borders: Managing the Increasing Complexity of Regulation
8:00pm: Dinner service over open discussion
9:30pm: Carriages
Register Now
Given the relevancy of the topic and the high demand for places, we anticipate the dinner will fill quickly. It is therefore advised to register your attendance using the form below as early as possible to avoid disappointment.