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BTOES Insights Official
By
April 09, 2021

BTOES in Financial Services Live - SPEAKER SPOTLIGHT: Terminating a relationship with the customer - why and how?

Courtesy of Deutsche Bank's Dr. Artur Preus, below is a transcript of his speaking session on 'Terminating a relationship with the customer - why and how?' to Build a Thriving Enterprise that took place at Business Transformation & Operational Excellence Summit in Financial Services Live.

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Session Information:

Terminating a relationship with the customer - why and how?

In the financial sector terminating a relationship with the client is important for 3 reasons - financial crime, risk appetite and economic. Banks and other financial organizations need to be cautious when onboarding new clients and while maintaining relationships with them.

It is, though, equally important for those organizations to say goodbye to their dear clients where the regulators or the stakeholders expect them to do so. They need to act promptly - but they also need to be thorough to ensure the offboarded client has no access to the bank's products and services. This is especially important in the case of financial crime driven offboarding.

  • How to establish and execute an effective client offboarding process?
  • What are the key and common challenges that may prevent the current offboarding process from being thorough and efficient?
  • How enterprise architecture can help?

The presentation will use a real-life example of the major bank's offboarding approach to provide the answers.

Session Transcript:

And our next guest, who is coming directly from the UK and that that's doctor Archer Price.

Doctor Archer price is current is currently the lead business architect at Deutsche Bank, where he looks after, the bank's financial crime business architecture across the entire client life cycle for both wholesale and retail client segments.

He has worked for HSBC, Standard Chartered World be--I, Allianz, and other major financial service organizations.

He is a member of the Business Architecture Guild and its Financial services working group where he is currently developing client off board and standards for the business Body of Knowledge Financial Services Industry Reference Model.

So, I'm very excited about his presentation Today. He's going to be talking about, termed a real relationship of the customer. Why? And how to do that. So, very intrigued about that topic. And I'm very much looking forward to your presentation, Arthur. Thank you so much for taking the time of incredibly busy schedule to share that with our global audience today.

..., and good to see you, again. Good morning, good afternoon. Good evening goal.

Today, I'm going to talk about something that's usually doesn't make the headlines unless its salts of sort of first come to light the Panama Papers, for example, the chef. I have seen Epstein one. Although it might seem to be controversial. This is also very important. It's not a very hot sauce, so to speak, Topic for the banking industry, and not intentionally chose this topic for today's presentation, because there is more and more obvious that the banks need to effectively terminate or be able to terminate relationships. But some of the clients, not only in future commercial or economic, but also some more important reasons. The subject I'm going to talk about is something I'm currently working as a Financial Crime, Elite Business Architecture, ..., but also have been on and look at it from the design and implementation perspective for many years.

In other buyers, like Jocelyn mentioned, HSBC for its own post on the chart. And I hope you'll find this presentation interesting and who I've spent 20 minutes of your time.

The key points we're going to look at it and discuss today during this does for me and it includes question about what are the key drivers that can or should push the bank to terminates relationship, the relationship of its clients. The other important is housed the so-called client of boarding process works.

What are the key stages, requirements, and key process stakeholders?

And also, we're going to use a real-life example that I've been part of in one of my previous assignments.

To answer these questions, as well as some other, discuss some other important points, like challenges that the client on boarding process usually struggles with.

11-Mar-15-2021-09-55-58-67-AMAnd the solution can help or helps in this part. Pro real life example helped to improve the efficiency of compliance.

According to one of the last year's issues of the Financial Times newspaper in just one year, Deutsche Bank, Barclays and UPS have decided to close the accounts of between 20,035 thousands of clients. And similar moves were made by other large, global global lenders, such as ..., JP morgan Chase, or HSBC, which have shut the concept more than 100,000 clients in recent years.

The purge show that the world's biggest banks have become more aggressive in terminating relationships with the banks in recent years.

What makes them could do so, There are three key reasons. The first one, the first two reasons, closely link to each other.

Regulatory requirements are legal rules that the banks have to be obedient to and follow if they want to be allowed to operate risk.

Appetite, on the other hand, is the bank's internal rules that consider regulatory requirements, but also on the circle to top the circumstances.

Like, for example, the economic environment, future market perspectives, or reputation of those things put together can drive decisions on the editor and operate in, move out from certain regions, and countries around the world. Changes to risk appetite to usually in parks, or, Carrying Park the entire the large part of the existing client population.

Thus, the bounds of careful when making them, as they can result in significant costs, required to update the risk of the client or across the current population, and can cause damage to the bank's reputation.

The third, cause for terminating the relationship with the client seems to be pretty straightforward and obvious, This is when the bank banks conclude that maintaining a relationship with the client doesn't simply doesn't add up. This is when the client has, for example, set up an account or cons.

But, for a while, those accounts have been inactive.

The bank still needs to maintain for the, for the, for the entire the whole time, Needs to maintain the claims data in the banking systems. It also needs to refresh it and this obviously is cost cost money. Regulatory compliance on the other hand has become in recent years and more and more important reason.

Why the banks are taking seriously the possibility of terminating the relationship with a client.
In June 20 20, the financial conduct authority imposed the seven point eight million pounds fine on comments, London Branch Comments Banks, London branch, the FCA investing in the investigation covered nearly five years of the branch activity drink which breaches were occurring.

In this period that's interesting. The bank's own internal audit team help identify problems in the FTAs bicyclists.

The Bank failed to take appropriate remediation measures with sufficient speed. The colin's bond case, among other things, has highlighted the importance of the on boarding processes as one of the most important money laundering controls.

Btog CTAThe bank was criticized for not of boarding clients, even in the cases when they account for dormant for a very long time, this resulted in the risk of transactions taking place on those accounts of clients who have been already on board.

It's: The AAFC found that no comprehensive, documented processes or criteria existed for terminating a relationship with the existing clients For financial requirements, The Authority also stated that the bank should have had documented criteria for identifying klein's that posed to high financial crime rates and should have had adopted a uniform approach.

... for the clients in line with the risk appetite.

And this is exactly this few examples of good reason why today. We're going cool, we want to talk about, kind of an effective portfolio approaches.

Kind of bonding is initiated where, when a client does not provide, for example, for periods request documentation conduct, business op is domiciled in jurisdictions that are risky concerning terrorism and financial crimes.

Phase, a background check or an intelligence report, or as we have already sent this, does not meet the bank's internal profitability standards.

But bonding is the process of removing, simply say, removing client records from the Bronx Multiple from Dubuc Systems where they evolve for these reasons. It is sometimes referred to as sort of reverse onboarding. Before we will talk about of boarding process, please go.

It does work dimension to the boarding can go through a few different ....

Each of those scenarios depends on what has triggered off boarding, whether it was financial crime, terrorism, risk, or perhaps commercial reason, reason, what terms and conditions have been offered to the client ...

relationship with the bank, and how big and complex is the client's organization?

Big and complex, Complex clients with a multinational, for example, structure, can be a group of entities, and the buyers need to look at them from both angles, First of all, local, to ensure that the local regulatory requirements are satisfied, and also global. To understand the entire network of connections between different parts.

Within the client group, this is to discover and understand, who is this so called old to my business owner in the client group?

The vote can decide to terminate the relationship with the whole client group, or we've just one entity within the client group located, for example, in one country, that the Bank can decide, well, decided to consider us too risky to conduct its business.

And for that reason, that particular entity within the climate group has to be of board it. To add into the complexity of the voting process, in case of Bitcoins, the Bank can also be blige.

Before, it will completely open declined due to float zone patron national sanctions, which can take some time to execute.

During the time to restrict the compliance access to the money and the bank's products and services, these scenarios can be temporary, may be reversed in case where, when follow, for example, sanctions are lifted, but can also lead to permanent termination of the relationship with the clients. There are also other or the external obvious dimension. one of them is when clients relation relationship has to be terminated due to commercial reasons.

But, because of the agreement signed by the bank and the client, the bank may be obligated to provide services to this particular client for a certain time after the voting decision has been made. During this period, which is usually called manage exit process, or manage for boarding process.

Some elements of the services may be discontinued, but some processes, like for example, the client due diligence process, still needs to be performed.

What are the key challenges the client onboarding process usually struggles with, and how they can be solved since it is so important for the banks to ensure that they have all required controls in place to identify clients.

That needs to be a bullet. So, the boarding process can be effective as as effective as possible.

We're going to answer these questions in the following part of the presentation, using, as an example, one of the international banks that operates across all regions.

The important thing in this example, we're going to talk about the next few minutes, is that we will be talking about part of the banks that work with Big Corporate and institutional clients.

And, this is important, because those clients are exactly complex clients, and both on boarding and off boarding process, for those clients can be very complicated, process, requiring a huge, for example, co-ordination efforts, a number of different functions, Teams, and people, who are required in order to ensure the quality of onboarding process.

First of all, the blades on boarding process as well, if required can be completed successfully. First, we're going to understand the context for the client on boarding process and done the process itself.

Next, we'll take a look at the key problems that the banks trifled with when it comes to boarding process.

And then finally, we're going to look at the distribution, how these problems have been fixed.

Avoiding its clients. The bank has to consider multiple different elements.

It does not mean that the rules behind making the Board, the decisions, are always clear and easy to apply.

This is where the governance and decision framework, which is point free at the slides, because first two, we'll review the so-called discuss. This is where the confidence and decisioning framework comes into the picture as a very important kinds of control and decision point.

Helping the bank to ensure that the Board income dates identify when they should be, and the right decision by the two boards, or to maintain the relationship can be made.

In the case of big and complex, structured clients, the reporting of decision process can also be, as you can imagine, very complicated, required, required. For example, multiple levels of the decisions, decision before the relationship with the client can terminate, this easy to imagine. one of the most important elements of the decisioning process itself, in case of client reporting.

It's an accurate and up to date data, which provides the client relationship, owner, and other stakeholders responsible, or engage into the bullying decision, with the true picture of the client's relationship.

The other important element of the, by, which the bank has to consider, especially for board increase, due to commercial reasons, is the client experience made the decision to early, without giving the client another chance.

And, the next potential, unico, which might be still in the initial part of it, surely, will not want to hear about making the business with your Bank after it will become the next Up for. Awhile ago, Deutsche Bank has sent hundreds of determination letters to blue chip companies saying that the, the effect, the clients will not be able to sign new contracts.

With the Banks trust an Agency Services Division, which provides product products such as quote unquote syndicated loans or structured structured finance.

Among recipients of the platform, we're also free Hedge funds operated by Blackstone, It was a complete surprise for the world's biggest alternative asset manager.

28We've had just signed one of the biggest real estate financing song records, with a different path of the same, very, it's a true gentleman bank.

This example illustrates how the on boarding process can easily become a double, so poorly designed and executed and how it can affect your future relationship, relationships with your clients as well.

Avoiding processes need to ensure that every yet layer of the client footprint is ultimately removed throughout the organization.

It all starts with your boarding trigger, and as we have highlighted this already with the decision, once the decision has been made and for this real life example, let's assume that the bank has decided to terminate the relationship with one of the one of its big clients.

The voting decision has to be communicated to describe first. The bank simply has to tell the client that he won't be able to use debunks products or services anymore, but he might be able to use them only for some time, after which the access to these products and services would be removed. Communicating, communicating such decision to the client is not an easy task, as you can imagine, as it may require a confirmation. For example, from the client.

Good communication has been received.

If there's no confirmation coming back from the client, the process may need to go through escalations to the client relationship or even several levels up to ensure that the client is aware of what is coming.

Next, the proper bonding of Boarding Execution kicks off.

It is, as we have already said, a kind of revised onboarding, which requires client accounts and products with your drink onboarding, and maybe later in the client life cycle have been opened.

Now, it could be closed. Drink on boarding, the client might be granted with access to credit line. Now this credit line has to be also removed.

Another important element that gets reversed in the client we delete is the client due Diligence Profile, until now the Bank had to maintain Andrew Refresh knowledge of the current circumstances and whereabouts.

This was through the so called, Know, your Client Process, OK, well I see crosses.

And now this knowledge is not new anymore because it's if you remove or Cloud carved.

And the last thing, clients reference data, that is used by all other systems and processes to ensure that they understand who the client is.

This data has also be removed or archived.

This process, in case of commercial of Board, Inc, where there are no financial crime related origins, reasons to terminate the relationship with the client, can take weeks, months, or in some extreme situation caused by the terms and conditions and the claims agreements, even years, that we've completed.

The bank has to follow in order the order of events, in the of boarding process.

So that for example, Client due diligence Profile will not be closed, so, shouldn't not, because, before, all products and services have been closed folks. But as long as, the client, can you use the bank, the bank products, and services, it has to ensure the most, the most accurate, data.

An up to date data about the client, is maintained in the client in the banks, the banking systems, the last part, removing clients, reference data, cannot be performed earlier, either.

It needs to be done as the last step, after all the systems have been emptied from client products, all credits, or client due diligence Beta.

The bike we're talking about today decided to review its for boarding process as part of their regulatory obligations to see whether it meets compliance and effectiveness criteria. What was the result of this review?

It turned out, the influenza ordering process requires two, conference is different.

Thanks 71, e-mail interactions between different functions and parts of the bank responsible for execution of both of the reporting decision.

An interesting thing that came out from this analysis was the mambo e-mail exchanges, but also the number and variety of different documents which were used in order to capture and analyze data required to decide if the client can be or should be onboarded. Producing, circulating and the story of 139 different spreadsheets proved to be a real challenge for the bank. Similarly, having to use 62 different systems to gather data by decision and then later executed.

Due to all these problems and challenges, the reporting process have, has been improved and the very high risk level by the internal audits with both the different risks identified, which simply suggests that the bank needs to do something about its own boarding operating world.

Thinking about how to solve all the of boarding problems and challenges requires very robust and growth approach.

The key things that appear to be important where the following questions, what initiates the process, In other words, what can trigger off boarding, can be a regulator, shouldn't be an uncomfortable relationship owner, can be somebody else in the bank, for example, the so-called second line of defense.

And if the answer to all these questions is yes, then the next question came up.

How they should, the oldest sources, should be raising the Board in Greek books.

What data they should provide, so that we could avoid going back and forth, and ask for additional information.

The next important question that needed to be answer was who and how shouldn't be making view bowling decision.

The answer to this question might be easy in the case of retail crimes or customer, but when it comes to large, multinational clients, it is not an easy decision at all. He sent me because the bank might, might be potentially a big chunk of the business. When they saw the clients, the clients is gone. But also, because gathering older, require the, kind of ensuring that the decision makers get the true a clear picture of the relationship with the client.

And later, executing the boarding for this client, can be a real challenge.

And this is why, decision around the governance model, um, of boarding escalations and the old is required to make the decision it's important to maintain.

Screenshot (4)You can turn to boarding flow working and avoid any bottlenecks that may prefer to prevent you from making a quick decision which may be urgently requires, especially in case of the financial crime triggered of boarding. The next big oil to think about was all its data, its scope, its quantity, its completeness, and the responsibility for the preparation and sharing data with goes who needed to make the decision.

Again, in the case of complex clients as well as sis system infrastructure scattered across the bank.

Getting the right data from all required sources can be challenging.

May require multiple different, for example, function some data sources to produce, and provided they find it fairly limited amount of time, especially if it's financial crime, related to portfolio decision.

That's why, it's important to understand, the deal for the value chain and scenarios, scope, and sold suitable for pilot data.

Those, which, which might be required for those scenarios, the process of getting data extracted, prepared and provided to the point, where it needs to be looked at in order to support the Vulgate decision. Because, you may imagine, not an easy task to do, especially for many incumbent banks across the world. Once the decision has been made, the execution of on boarding can be another big hurdle.

Clients with multiple entities and the relationships with the banks perfect across multiple jurisdictions could be on board it gradually throughout the years. And now, in the worst-case scenario, the bank may need to put all these tend to be seen, the one go as a reverse onboarding of boarding process. Needs to go through all the processes. And systems that are required are quiet and store the client data and remove it admits. Also to ensure that the client will be copper from the banks, products and services.

As we said, all this was happening a proper sequence. This was one of the biggest challenges that the bank we're talking about.

Real life example was struggling with the manual and poorly designed co-ordination of the body approaches, have been appointed as one of the biggest problems at the same time, one of the biggest improvements that would be welcomed and the required to make the voting process specter.

Let's now see how it's been done.

The end to end of boarding the value chain was the first step towards an improved for the incorporating logo. The key changes where the following in case of data collection and analysis, that decision has been made to automate the collection of data.

Besides the processes, the process also now caters for the beta enrichment by putting required products, services or ensuring that requires products, services and transaction information are being added to the basic column.

In case of boarding, decision to design assumption was having all require data and having it on time should make the body decisioning much easier.

Additionally, father improve the process, and ensure that, in case of difficult and complicated decisions, that can be made without unnecessary disruption.

So the likes of, it shouldn't be these processes, should be supported by or are supported by an automated workflow.

Which should help helps to answer the questions about whom the opposing decision request should be provided.

For example, ..., who it should be escalated to.

What they tell them documents needs to be attached to the ..., how long the case can stay with somebody and whether it should be traced out to move it to the next stage.

Avoiding communication is the interesting part of the podium process we've talked about which sits between of boarding, decisioning an execution, and also in this case, process automation came to the rescue, using of bonding communication templates and sending out.

Automatically, ... has made the client communication much more effective and easier.

Again, this process also supports, is supported by the, by the workforce system. Which, by the way, thanks takes care of any escalations of any issues that can arise in this part of the voting process.

For example, in case where there is no response from the client, and it should be.

And that same needs to be escalated to somebody in the bank. The next part of the reporting process, its, its, its execution.

And this panel's especially important, as we said drink the target state design an implementation.

If you recall previously the bank struggled with aborting execution for many different reasons, multiple handoffs, problems with co-ordination and assures that the old downstream products processes do what they supposed to do when they supposed to do those things and how they supposed. The solution came with the so-called orchestration technology, which upon the receiving of bonding execution requests.

Simply initiate So co-ordinates, the execution processes following receives received of polling instructions.

Removing access to products and services, closing pecans, removing credit limits, closing, know your client profile, and removing clients, reference data.

All the steps are co-ordinated. Now automatically.

Though the orchestration remake mechanism does not only shape initiates the boarding processes, but also caters for an escalation, some problems that may be that may arise. Almighty race by the downstream processes and helps to handle them by, for example, routing.

11-Mar-15-2021-09-55-58-67-AMThose requests of Escalations to declines, relationship all that all and other state process to coach more of it.

Dion ... system ensures that the service level agreements establish between the polio accordion, anytime, the downstream appalling processes of being, of being followed according to disagreements.

Let us, now summarize our conversation, with a closer look at the crucial part of the new portal operating, although the bank we are using, as an example, decided to implement.

I hope that this will shine and clarify what exactly happened.

The boarding process that's already set. We said this many times, today, requires an accurate, Full scope of data, which should be a very poor upon request.

It's, it needs to ensure effective communication with the client to the client.

And, finally, it requires robust and effective co-ordination of viewpoint execution.

Establishing the central ... topology was one of the biggest changes in the reporting process.

Data aggregator simply pulls the required data from different systems, aggregates.

It improves its quality and provides its, when requested by the client's relationship on at all.

That person who usually, it's responsible for the reporting process.

The only important element of the new reporting process you do just the orchestration system. It co-ordinates, as we said, elements like initial or the request escalations to geocoding decision reviews and approvals and sending client notifications and ultimately, and this turns out to be a really big and really important change.

It also co-ordinates the reporting Gaussian processes, replacing those tens of manual actions, interactions, which was time consuming, consuming, and obviously.

The Boarding co-ordinator co-ordination layer appeared to be the targets of ordering operating models many benefactor. This is where your boarding processes have achieved most of the tangible benefits from the new operating model.

The other important benefit was the ability to close many risks out of this photo. five, which had been ...

initially, that previously had been raised, also raised by the internal audit, which we're exposing the buyers to prevent potential financial, quite dangerous links to, for example, the ability, the previous year board. It's all for the client to clients to establish a relationship with the bank. Again, many of those risks, if they wouldn't be mitigated by the new onboarding operating model, could lead to potentially it could lead to regulate to purchase.

And that's, obviously what all banks want and try to avoid, including the regulator richest costs, but not having an effective onboarding process in place.

And with this, I'm going to stop here.

I would like to thank you all for your attention. I hope you have fun.

You bought the topic interesting and inspiring, although perhaps unusual Joseph back to you and looking forward to hearing some questions.

That is fantastic. doctor Archer Price. What a great insight in an area that we normally don't explore. And I'm going to bring my camera back up here.

And that So, there are some questions that have already popped up here. I encourage the audience to continue to provide your questions, and I'm going to be monitoring them, and the passing on during our conversation here. So, what a fascinating topic, because, it's not cover a very often, certainly not well understood, and, so, there are some basic fundamental questions. First and the.

Regarding the reasons for terminating clients, you talked about compliance, risk mitigation, and the cost optimization as the main perhaps categories. The audience was curious about kind of like the, the typical, or maybe what you have observed in terms of the distribution, The percentages are around those three categories as that one, that's heavily weighted, or it's equally distributed. What does that look like?

So, obviously, the most common, and just look at the numbers, which I've used as an example.

The newspapers for Tokyo, the News for Talking About, was the, or is, the economic reason, quite cost effectiveness, because banks, most often, a common situation is where you have clients, clients switch off opening the cons, and they tend to choosing products, but later, they are changing simply, They are changing their minds.

Oh, something's just changing the intentions. And those kinds of products are not being used anymore.

Shelves in the huge part of the supporting decisions and processes, the buy box culvert related to exactly the cost effectiveness of economic research throughout the punisher product. For example, one solid they happen that need to happen.

Because that's what regulators are expecting.

But the one that comes up, similarly, from the regulators' perspective, danger, and have to be looked up, both banks and in order to do something about them. Because they can be use potentially by, both for the purpose of furniture crime business as well.

If you're just to kind of nail that a little bit further. Sure. To like your percentages, in terms of frequency of occurrence, then how would you distributed the percentages that cross compliance risk mitigation, And cost optimization sounds like cost optimization is the larger categories. What percentage would that be?

28I would say that 76 to 70% though because optimization for the person because of compliance and risk appetite reasons farewell.

And then when you look at those categories from a financial impact perspective, um, I would assume that then perhaps compliance and risk mitigation can actually have a higher percentage when you look at it from from a financial perspective. That correct that assumption. That escrow.

These are the most painful because this is where the banks have to terminate relationships with those clients even though they are making perhaps a good money from those relational might be making good money for those relationships.

It's much easier to talk boards or remove basically sending client from the from the banking system so tenuous relationship with the client, the client does not to use any products anymore because it's just losing the money.

Basically, saying about if you're making the money, I have to you have to tell me that relationship with the client because that's what's regulate. This one's for lunch. For example, that, obviously, That's more painful situation.

Farewell. William Fuller has the next question here. He is. He asks, Are there cases under which the financial institution is required to retain client data in an archive in addition to removing client data from active systems, Is there are regulatory archiving timeline, and certain years that you have to, to archive that type of data?

Yeah, this is very good question, Andrea. And this is exactly why, I mentioned, I was saying about removing client data, archiving this data, because that's something what comes from the local and regional regulations and the banks, especially those who operate across the world, that has to be very careful.

And consider local regulations, Which kinda require folks over at the bank, to maintain the data for all the clients, for either no, like, southern approach or even 10 years in the systems.

So, this is something what then later, allow regulators to come and perform the look of the board of clients in order to check the reporting decisions of the voting process have been conducted and completed, according to the Regulator, for example, requirements. So risk appetite, so yeah, this is, this is something what is, it has to be considered that, as well.

And obviously, the the that is another reason why, from the technology perspective, all, while being clear about the boarding infrastructure, the banks have to concede that the data will have to be maintained for some time, at least in the systems.

That component right there, I think, is one that it's very much like the topic of your presentation that is critical for operations, and a lot of times people don't understand the magnitude of those of those activities.

As one example, that I have had, is that, with organizations, are not only your buy, from a regulatory compliance standpoint, you're supposed to keep the data in digital format, sometimes for decades, And, but also from a physical standpoint.

And specifically, now, I'm thinking about engineering infrastructure.

Companies will have to keep, like drawings and physical, You know, data related projects, for sometimes for five decades in caves. Like, literally, these are caves in the mountains, and I'm sure you know all about that, and the question that William Fuller's asking, follow up on this.

And I think I know the answer, but I'll ask anyway, is that the regulatory or legal bodies, you've refund the companies for those archival costs the day.

Yeah.

Because they can demand money, obviously, if you're following.

Yeah, they're not going to pay you for this, And this is quite an interesting topic.

Also, from the dormant, for example, client's perspective, because, you know, you may think that if there's a dormant accounts, is the Bank has nothing to do. And it's, What's the reason to report a client with the economic reason? No cost effectiveness reason to do that.

There's another regulatory requirement that even for the all of that constant dollar clients he has to do you have to put?

The banks have to perform so-called know your client with KYC processes and captcha and refresh on a regular basis, that detail our client information, that you maintain the system. So you may have situation that the clients are not using products will not pay for them, because it's simply not not being used, but still has to pay for the data. Let's say, maintenance, cleaning, data maintenance processes.

Very good, very good.

Arthur, the next question is quite interesting. What type of systems and mechanisms?

art mechanisms are in place to guarantee there are no systemic discrimination going on, across demographics as you're terminating the different clients? Is that is there a statistical analysis? That's done. Is that something that people are, the institutions are concerned about, or not?

That too, to prevent the reality or perception, that there are some sort of systematic discrimination taking place when it comes to when it comes to determinations.

So this is very good question, and especially from the obviously financial crime perspective. The banks have to debug code, or in the way, how they are making decision or even trio boarding process.

And this is why exactly, all this new technology. So, for example, process automation.

And, others are very helpful and very important, because they can, They help the banks to maybe of boarding, especially reporting decision, decisioning process much more effective, an accurate. And ensuring that exactly those processes and decisions. Subtle bias.

And they are then made on the basis of the true picture of a client relationship, and also with a good understanding, who is the client we're going to vote And to make sure, that we're not making a mistake and that, we're not taking the client's home as somebody, who the client is. Its notes, you're taking the close out with, something completely different.

So, this, is, this is quite important thing to do, because the clients are not only institutions, but also the people who represent or work for this institutions because ultimately, the, what the banks have to do.

They need to understand the decline from the compositional as an entity, for example, organization, but also they need to understand who works in those organizations who are the key decisions makers, for example?

So ultimately, we're talking about individuals and organizations and This is good point that it's quite easy if you maintain, for example, of data for hundreds of clients, for example. You have to be very careful while making the decisions. And you have to be 100% sure that the clients you look at. It can be individual, for example.

And you apply sanctions, for example, to this individual that you look at the right person, which is supposed to be with cat and somebody completely different.

That's terrific. Doctor Arthur Price, we're out of time. But what a fascinating reveal and deep dive, on the world of off boarding.

We've talked so often about onboarding clients, off boarding clients is fascinating, critically important. Thank you so much for taking the time to prepare and present our global audience, this very interesting insights and very useful insights for financial services organizations.

Screenshot (4)Thank you all. And thank you again, Joseph for this opportunity.

Thank you very much.

Ladies and gentlemen that was doctor Arthur Price from Deutsche Bank on the on the on off boarding of clients. What a fascinating reveal detail review of the process, that world-class organization follows to execute on this incredibly important part of the operations.

Fascinating. We are going to take a break. and when we come back at the top of the hour, we're going to come back with the final session of Beetles Financial services live. And so excited about this session because we are going to be discussing the interplay of culture and financials in assessing deal success. We're going to be looking at margins and acquisitions, and we're gonna, we're blessed to have Kara ... with us from leader as Global HR, Mergers and Acquisitions and Hewlett Packard Enterprise. And she's gonna go into that journey with us fascinating. Very much looking forward to it. Look forward to seeing you back at the top of the list of the top of the hour so that we can engage in that final discussion for beetles financial services life. So, see you back soon.

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About the Author

more - 2021-03-08T162919.696-1Dr. Artur Preus,
Lead Business Architect (Financial Crime),
Deutsche Bank.

Senior Business Architect. Member of Business Architecture Guild and International Compliance Association. 

Experienced in establishing and executing business architecture and operating models in banks and financial organizations.
 
Passionate about client-centric and client-driven transformation - and critical role of setting strategic business vision, as well as its translation into organisational, process, data and technology components

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