To answer these questions for all clients in all locations, banks should prioritize these five points:
- Ensure adherence to cross-border compliance standards as defined by client policies and target market regulations
- Empower internal stakeholders to deliver compliant services with confidence – through suitable tools and training
- Inspire confidence among clients through service that is excellent every time and timely, accurate reporting
- Be prepared and adaptable to changes in business activities, business models and regulations
- Maintain complete and up-to-date information, tailored to reflect the bank’s perspective on business activities and risk appetite
For banks with far-reaching cross-border activity, a huge volume of data – and knowledge – is needed to answer these questions quickly and accurately. What’s more, data needs to be reliable and accessible for all relevant stakeholders. Tools and technology promise new ways to manage these aspects. Solutions can overpromise and underdeliver, however, increasing the burden on teams that are already stretched. An alternative – and cost-effective – approach is to partner with an external organization that effectively combines tools and human expertise. EY’s Cross-Border Online (XBO) solution, for example, is a single integrated web-based tool that can be accessed globally and supports all stages of cross-border content generation. The user-friendly technology is backed up by the resources, experience and expertise of EY’s global organization. All of the bank’s stakeholders benefit from the speed, clarity and responsiveness the service offers. As every business setup is unique, financial institutions can tailor content to their needs and choose where enhanced management information makes sense. It means the bank has full control over rules and scope, and full transparency on cross-border activities. And employees and clients alike benefit from an enhanced experience.