Hey! How are you doing?
Last month I was spending a week with my new wife on Curacao. And we loved it! We actually stayed in the same hotel (Avilla) were I was staying often between 2001 and 2004. Just after 9/11.
From ‘Administrator’ to ‘Trusted Third Party Services Provider’.
At that time I was working as program manager eTrust at ABN Amro Trust and the assignment was to transform the company and its business model globally from ‘Administrator’ to making money with ‘Trusted Third Party Services’ together with private & corporate clients globally. A topic I had been working on in my previous job at Corporate IT Strategy. So implementing a new strategy of ‘moving up the value chain’ as it was called then.
Part of that global holistic change was the design and implementation of a completely new kind of frontend browser-based and flexible client acceptance AND electronic document management system (eDMS) globally across all offshore banking locations of ABN Amro Trust.
The system had to be a secure, easy to use by the employees and managers wordlwide and a system that could easly be approved by the different regulators. And it also had to be easy to use by customers & intermediaries, maintaining their data and documents.
The basic idea I had was to create a flexible solution in which we would embed Compliance & Risk Asssessment processes into the regular processes AND at the same time increase the customer experience of our different types of customers.
Choosing the right supplier and partner was a big issue as the large traditional providers were too expensive, too slow and did not have the right technology. So it had to be a mature startup or scaleup.
‘Embed smart Compliance & Risk into the regular outside-in commercial processes’.
At the same time, the costs of being compliant and staying compliant had to go down and stay down.
We actually managed to reach all those objectives with my small central team and virtual business teams in all the different countries by looking at it from a ‘customer’, outside-in-perspective. Combining, Compliance, KYC and Customer Experience using new smart technology.
I called the transformation and change approach ‘How To make Money With Compliance?’ and ‘How to be Compliant while still having clients?’!
This ideas and experiences from this innovative project were in the back of my mind when I submitted my idea during my FinTech course at MIT. It was then called a ‘RegTech’ application….
There are many different ways to ‘make money with Compliance & KYC’ if you look at it from an ‘opportunity’ perspective instead of what is usually done from a ‘fear’ perspective.
Well, that was the first blog from a new series on ‘How To Make Money With Compliance?’. Read & bookmark these posts & tips and follow me on Linkedin here. And if you want to know how YOUR company can make money with Compliance and KYC, then contact me here now.
Tony de Bree