Revolutionising financial customer experience with digital tax form processing

Revolutionising financial customer experience with digital tax form processing

In today’s digital age, customers have high expectations for their interactions with financial institutions. These digitally savvy individuals demand streamlined, efficient, and enjoyable experiences. Unfortunately, many financial entities, even the globally leading ones, continue to rely on outdated manual processes for FATCA and CRS compliance, causing frustration for both clients and customer service officers.

RegTech company TAINA Tech has explored the impact of expiring tax forms on the customer experience.

Digitisation offers a solution to the pain point. By leveraging technology, financial institutions can provide superior customer experience while fulfilling their regulatory obligations.

TAINA’s sales director EMEA Scott Nice outlined a recent negative experience they had with their online broker.

Nice explained that he received a communication from their broker about the impending expiry of the Form W-8BEN, requesting an updated form by the end of December 2022. The failure to comply would lead to trading restrictions on Nice’s U.S. securities, forced sales of his U.S. investments, and heavy associated charges. As a customer of an online brokerage, Nice anticipated a fully digital and streamlined process. Unfortunately, he was provided a link to a PDF form to print, sign, scan, and return via email or even post.

This cumbersome process doesn’t stop there. After submitting the form, clients may have to wait a week for validation. If the form is invalid, they are back to square one, causing further delays and increasing customer dissatisfaction. With a 65% general error rate and poor customer service, it’s not surprising that online brokerages are losing customers.

Fortunately, there is a solution: TAINA. Our automated FATCA and CRS Validation platform has drastically improved the customer journey at several financial institutions, including online brokerages. Clients have seen an 85% reduction in tax form rejection rates, and their customers have saved 63% of their time filling out tax forms. Our platform simplifies the intimidating compliance process with an intuitive, user-friendly tax form submission journey.

Its online portal offers helpful hints, tips, and real-time validation checks to assist clients. Furthermore, tax forms can be pre-populated, reducing data entry errors and speeding up customer onboarding. TAINA’s ongoing monitoring module alerts tax operatives to changes in customer tax information and form expiries, enabling proactive engagement with customers and seamless trading activity.

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