Appway launches regulatory review solution for wealth managers

January 3, 2018

Appway has launched a Regulatory Reviews for Wealth solution to help wealth managers comply with evolving regulations.

Wealth managers can use the technology to orchestrate client reviews and obtain an overview that supports compliance expertise. Due to the introduction of several new regulations all over the globe in 2018, Appway has launched Regulatory Reviews for Wealth to help financial institutions implement regulatory changes across jurisdictions and leverage the potential of innovations created in response to new regulations.

Appway Regulatory Reviews for Wealth gives banks an efficient way to access the right subset of data. The data enables them to understand client context and relationships, connecting the right information at the right time so that compliance can model the review process, from prioritisation to task distribution and monitoring.

Chiara Gelmini, business practice manager at Appway, said, â€œOur new Regulatory Reviews for Wealth solution allows the compliance department to automate typical workflows and guide their co-workers in all relevant activities. This way, compliance becomes an integral part of the organisational culture; the bank is compliant â€˜by designâ€™ and does not have to make a huge effort each time there is a change in the regulatory landscape.â€

The new solutions comes months after Appway launched Onboarding for Wealth and Onboarding for Retail.

Onboarding for Retail enables banks to engage customers when and how they prefer according to its website. With Appwayâ€™s client onboarding solution for retail banking, users can onboard customers in only 15 minutes with intuitive and frictionless data collection, relying on up-to-date, consistent data with automated compliance checks.

Onboarding for Wealth combines digital and physical interactions to provide clients with a personalised and convenient experienceâ€”all while guaranteeing global compliance. With Appwayâ€™s client onboarding solution for wealth management, users can: Continuously update KYC and AML information to adapt to new regulations, as well as automate processes to tear down silos between relationship managers and stakeholders according to its website. Its client roster includes BCGE, Credit Suisse, BPS, BNY Mellon, HSBC and JP Morgan.