Solutions

Regtech is the future of banking

Deloitte and Finform working together to automate the process for opening customer accounts at banks

Compliance is a bigger challenge than ever for Swiss financial service providers. The increasing complexity of market-specific regulatory processes and the rising costs represent a major challenge for banks. Regulatory compliance is obligatory but does not offer any opportunities for banks to set themselves apart from the competition – and it’s of course costly.  All this is in addition to the cost and innovation pressure which they are already subject to. Financial service providers are therefore investing increasingly in intelligent solutions that use modern technologies to reduce the costs of regulatory compliance or that share them between several industry players: this is known as regtech.

Deloitte and Finform automating the KYC process for all customer groups

Fintech companies such as Finform have successfully begun to offer automated solutions for the process of opening customer bank accounts (KYC, know your customer). The potential applications of these digitised solutions have so far been geared towards specific customer groups – in particular standard non-complex customers. Although it is possible to handle a relatively high proportion of customers and transactions with existing solutions, there is still potential for substantial savings with automated processing for more complex cases. In order to make automated processing for opening customer bank accounts a reality for all customer groups, integration of all regulatory requirements for more complex KYC cases as well as the technical know-how to establish an efficient way of processing them are musts.

This is where Deloitte comes into play. Deloitte Managed Services (DMS) integrates the regulatory know-how of the global Deloitte network and expands the existing Finform solution, using applications from a number of software partners. Through the DMS platform, which relies on various newly-developed automated processes, Deloitte can ensure compliance with regulatory requirements in different countries and for more complex KYC cases. In this way, customer relationships with increased risk can be identified reliably, and the additional investigations carried out effectively.

How can our customers benefit from the collaboration between Finform and Deloitte?

Bringing together the services offered by Deloitte and Finform makes it possible to automate almost completely the process of opening customer accounts. Our customers benefit both from our established expertise and from our practical experience. With Finform, our customers also benefit from having a partner completely dedicated to automating the process of opening customer accounts (straight-through processing). Within this partnership, Deloitte Managed Services focuses on automating the more complex cases, which typically take up 80% of the total time needed for handling the process manually.

Contacts

Micha Bitterli

Micha Bitterli

Partner

Micha has over 16 years of experience, including two in New York, in auditing large financial institutions and trading financial instruments and commodities. In addition to working as an auditor, Mich... More

Toni Pisa

Toni Pisa

Senior Manager

Toni has more than 10 years of experience in the auditing and consulting of local and international banks. This experience, in combination with his degree studies in IT, as well as his qualification a... More

Austin Slater

Austin Slater

Director

Austin has been working in the financial services industry for the last 17 years, holding management roles in operations and technology within Swiss and UK Private Banks. He combines his Private Banki... More