In this whitepaper we would like to present our top 10 Tipps for a successful client outreach management and a way to create a better client experience – the digital outreach management process becomes essential due to COVID 19.

Nicht alle Finanzinstitute und Unternehmen, die den KYC Regulierungen entsprechen müssen, waren dazu in der Lage sich die neuen Umstände anzupassen und einzustellen. Hier ist der passcon-Ansatz, wie KYC Produktionsziele zu 100% remote oder im Homeoffice erreicht werden können und Banken ihre Kunden schnell onboarden können.

The digitalization has had a great effect on the services and production processes of many institutions. While the external processes have undergone a digital transformation the internal processes as Human Resources (HR) still show a paper-based and bureaucratic process in many organizations.

In this paper, we want to highlight the necessity and advantages of an HR digital transformation on the example of the global passcon Group.

This paper is your guidance about how to set up a proper book of work management and thus get rid of KYC overdue cases and high fines. As subject-matter experts, it is our goal to offer you practical strategies to combat financial crime in your institution. This is why we draw the attention in this paper on this important function and present you in the following a practical guide about how to set up and run a successful Book of Work Management.

Passcon’s top 10 tips about how to turn your TM Organization into a production environment and prepare it for the future

The press is currently full of news about Transaction Monitoring related to high fines from regulators. From our experience, many banks have created interim solutions instead of focusing on sustainable TM organizations. These interim solutions have shown the following negative side effects:

(1) They are very costly due to ad hoc solutions and subsequent adjustments (2) They are not 100% suitable and do not fully meet the organizational needs (3) Since the interim solutions are often not perfectly suitable, high fines still occur and damage the bank’s image

Our Recommendation: Focus on building a suitable, long-lasting TM as it is of the same importance for banks as focusing on a sustainable KYC organization. These two parts are strongly interconnected and together avoid high fines and reputation losses.

Many (financial) Institutions are currently facing the decision of whether to in-or outsource their KYC process.

The reason for that is, that their KYC departments often show a lack of trained staff and at the same time cause higher costs due to many freelancer deployments.

Although time is limited and regulatory requirements are increasing only, for many of them, outsourcing is not an option as they want their KYC department to stay within the company.

Hence, the institutions have no time for hiring, training and establishment of suitable KYC teams the situation remains unchanged.

THE SOLUTION

passcon’s BOT (build, operate, transfer) Model.

With our KYC Factory, we perform the production process on-site within the client’s premises and offsite in our shared service centre. This KYC production planning process normally counts 12 steps…

In times where regulations are constantly changing and cost focus is all around, KYC is for many banks of pivotal importance and extremely challenging!

Inadequate controls of money flows and resulting high fines from local regulatory authorities force financial institutions to act.

Banks across the globe spend huge amounts for optimization of their current KYC process and many software firms promise a digital and automated KYC process.

But how does it look like on a day to day basis? We know it from our daily work in passcon’s KYC Factory.

Die Digitalisierung beeinflusst gegenwärtig das Leben der Menschen und vor allem das der Finanzdienstleister, wie kaum ein anderes Thema.

Das Erkennen von Möglichkeiten der Kosteneinsparung und die Steigerung der Effizienz sind nicht allein Aufgabe des Top-Managements, sondern jeden Bereichs innerhalb eines Unternehmens. Firmen sind dazu angehalten, in allen Abteilungen Ausgaben zu hinterfragen und Prozesse zu optimieren. Als Folge dessen stehen auch die Kosten für externe Beratungsdienstleistungen auf dem Prüfstand.​

Durch den Roboter können nicht-wertschöpfende Tätigkeiten reduziert und der Fokus auf Aufgaben gelegt werden, die menschliche Intelligenz und Entscheidungsfähigkeit bedürfen.

Steigende regulatorische Anforderungen, Sparmaßnahmen, Digitalisierung und anhaltende Optimierungen – die komplexen und parallelen Herausforderungen, vor denen Banken heute stehen, lassen sich selten auf effiziente Weise in klassischen Linienorganisationen lösen. Stattdessen gewinnt die Projektarbeit immer mehr an Bedeutung.​