NexJ Systems has announced that the United Kingdom private banking division of a major global investment bank will streamline their Know Your Client (KYC) process with NexJ Contact for Finance.
NexJ was selected after an on-site proof of concept proved the robustness and flexibility of the NexJ solution. NexJ’s customer data integration, application orchestration and flexible workflow capabilities were selected as best-in-class for private banking needs.
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In an industry bound by regulatory obligations, investment advisors must manage complex client portfolios while delivering both superior service and proof of adherence with regulations. Multiple systems and broad geographic dispersion make it difficult to demonstrate compliance with evolving regulations related to KYC and Anti-Money Laundering (AML).
Peter Delano, senior director CEB TowerGroup, said: "The constant regulatory pressure on private banks requires them to implement technology strategies that can handle today’s mandates as well as adapt to what may come from regulators tomorrow."
NexJ solves this problem by consolidating systems containing customer information into an Integrated Advisor Desktop. The NexJ solution makes it possible to access all enterprise information about clients, their finances, relationships and spheres of influence and then coordinate client-facing processes such as KYC reviews.
NexJ streamlines the capture of KYC data and routes it for review and approval. KYC forms and processes are easily modified by business users, enabling quick response to changing regulations and business needs.
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By GlobalDataWilliam M. Tatham, CEO of NexJ, said: "As the leader in enterprise CRM for wealth management, we are pleased to be adding this prestigious firm to our family of customers. We believe that KYC and AML processes based on an enterprise view of the customer greatly reduces the burden of regulatory compliance and gives advisors more time to better sell to and service their private banking clients."
This project started in September and will continue through 2014.
