STOP PERSECUTING CLIENTS IN PRIVATE BANKING INDUSTRY

A private banker is neither an investigator nor a prosecutor!

His major role is to take care of its clients by understanding their needs, their risk appetite and therefore suggesting the best possible investments.

The rest of the job is administration. And ever growing administrative burden is steeling time and money to clients.

As a result, the cost/income ratio of most private banking organisations is deteriorating every year for a decade.

Focusing on clients by outsourcing part of administration to specialised and independent organisations is the best decision a private banker can take to buy time and therefore (re)conquer its client’s loyalty.

Well, but it is every financial intermediary’s job to know where his client’s money comes from, not only to comply with KYC/AML rules and regulations but also for ethical reasons!

Then, the question is: is compliance really outsourceable?

The final responsibility is not, but the information gathering and checking is!

This encrypted document can then be transmitted by the client to its banker/compliance officer who has everything in hands to take the final on-boarding decision.

No more tension between the client and its banker, no more back and forth, no more conflict of interest.

Moreover, Money-ID can be used to update the existing clients database or to ensure a periodic follow-up.

What does it cost ?

“Give to Money-ID the boring part of your job and offer the time you saved to your clients. And as a collateral benefit, you will restore peace with your compliance officer!”

Olivier Collombin, founder

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