Crèdit Andorrà

Implementation of a Mifid II Advisory Model

INITIAL SITUATION

Crèdit Andorrà is the first financial group of the Principality of Andorra whose activity focuses on commercial banking, private banking, asset management on an international scale and insurance.

This financial group operates in Andorra, Spain, Luxembourg, Mexico, Panama and the USA.

The regulatory changes have forced a transformation in the business (mainly of Wealth and Asset Management sector), especially in its customer relations model. This evolution of the market is also changing the way the client and representative interact.

In order do so, they needed a representative platform that would allow them to:

  • Make their commercial activity more efficient, automating tasks and prioritizing those that provide more value
  • Have a 360 view of the customer integrating different businesses and products in a single platform (Banking and Insurance)
  • Digitize the advisory platform, providing a tool that allows representatives to make investment proposal, generate reports and execute 100% paperless orders
  • Comply with the new regulatory framework by being able to trace and reconstruct all advisory operations via an integrated platform that collects all communications between client and representative, regardless of the channel through which they are made.

In order to achieve these objectives, Crèdit Andorrà selected the cloud of Salesforce Financial Services Cloud with a Real-time integration with its banking core Avaloq. This is the first deployment of this cloud in Europe.

They have also chosen VASS and Salesforce Lightning to implement the commercial management, commercial systematics, commercial banking and MIFID II processes.

Objectives

 

  • To improve and help manage the CRM commercial management, commercial systematics, commercial banking and MIFID II processes.
  • To solve the real time integration with its banking core Avaloq, providing
  • A 360º view of the client for banking products and insurers.

“Pursuing excellence is the key to succeed”

HOW DO WE IMPLEMENT THE SOLUTION?

The project was led by VASS. The platform was configured and developed under the Lightning interface:

Under an Agile framework, we work in two development blocks oriented to Private Banking and Commercial Banking:

  • Block 1: Private Banking: Loads customers from the banking core, as well as advisory processes; more intuitive investment proposals, integrated with electronic signature via Docusign.
  • Block 2: Commercial Banking: CRM of tasks, events and activities; sale  of  commercial banking products, systematic goal generation campaigns ; ROI , representative support platform; core banking / core insurer integration; 360º view of the client.

WHAT HAVE WE ACHIEVED?

  • A 360º view of the client for banking products and insurers.
  • Simplified the private banking and commercial banking processes. Integration of real-time transactions with both the banking core (customer positions, reporting, investment proposals, purchase orders) and digital signature.
  • Automation of all the Bank’s sales and advisory processes using the platform standard and making way for MIFID II start-up.
  • Reduction of the flow time through a unified platform, which suppressed the need to jump to different technologies.
  • Accessibility from any device, any time, granting mobility capabilities and providing a better user experience.
  • Evaluation of our past in order to make decisions that improve our processes in the future.

Among the functional improvements of CRM processes, we can find:

  • Sales processes and commercial planning.
  • Private banking advisory
  • Commercial Systematics.
  • Campaigns Management.
  • Integration with external systems in real time and batch.
  • Analytical and reporting.

About Crèdit Andorrà

  • We are the only bank in Andorra ranked in the Top 1000 of the Financial Times.
  • Andorra’s Bank of the Year 2017 by The Banker Magazine, from the Financial Times group.
  • Best bank of Andorra in private banking. The Banker and PWM.
  • Best bank of Andorra for the fifth consecutive year (2013-2017) and, in private banking, for the third consecutive year (2015-2017). Global Banking & Finance Review.
  • Best bank in RSC (Corporate Social Responsibility) 2017 in the Principality). Global Banking & Finance Review.

 

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