The regulatory strategy series, Part 1: Create value for customers AND create compliance with regulations using the same money!

Welcome to the first post in the regulatory strategy series! Over four parts we will deal with the (hidden) customer voice in regulations, links and synergies with digitalization and the topic of organizing for successful regulatory implementations. Observations and analysis concerning (e.g.) the double value of KYC (Know Your Customer), value from investments in EMIR and MIFID2 and the links between CRM projects and regulatory compliance are revealed.

Many times I hear and see comments like “the new regulations are not good for customers, since we cannot offer advice”, “all the compliance investments means we are limited to do anything for clients”, “regulations are so complex and difficult to implement”. Here I would like to recommend that you listen after the (hidden) customer voice in regulations, and in the next post in this series you will learn more about what this voice tells you.

If you make the right analysis, you can find direct links and synergies from regulatory compliance with digitalization. Observations and analysis concerning (e.g.) the double value of KYC (Know Your Customer) are illustrated. You need to KYC in money laundry processes, but also in financial advice the same analysis should be made. Are you combining them?

A specific analysis of the business value from investments in EMIR and MIFID2 will be showing tangible business models for a “post MIFID2” world. Taking a project perspective, the links between CRM projects and regulatory compliance are revealed to illustrate the practical implications of such an approach.

The complexity of regulations is multiplied by the complexity of financial services organisations. Banks and insurers have product silos, process domains and functional as well as geographical boxes lined up. No wonder the implementations are complex! Also, the products offered are more and more complex. In the final post I will wrap up the topic by describing how you should organize implementations of regulatory changes for the best innovation and operations result.

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