WpHG-Compliant Investment Advisory Process Optimization
Fincon Reply supports banks and financial services providers in making WpHG-compliant investment advice more efficient across remote sales channels. This enables regulatory requirements to be met reliably while advisory processes are accelerated in a targeted manner.
The scenario
Remote sales channels are becoming strategically more important
Telephone and video consultations are an integral part of sales in many institutions. However, in WpHG-compliant investment advice, it is often apparent that existing processes are not designed for the dynamics of a live conversation. In practice, inefficiencies arise when advisers have to switch between mandatory steps, data entry and customer interaction. Processes take too long, system checks interrupt the flow of the conversation and the advisory element takes a back seat. The aim is to ease and accelerate the process without restructuring the existing process architecture.
The Challenge
Avoiding efficiency losses in WpHG-compliant investment advice
The central challenge lies in fully meeting the strict requirements of the WpHG while ensuring an efficient, customer-oriented advisory dialogue across remote sales channels. Extensive data checks during customer conversations intensify the tension between sales success, compliance assurance and efficient advice.
As conversation time is limited, longer input and waiting phases can affect the advisory process and the perceived quality of advice. This can create tension for advisers between legal diligence, operational speed and customer experience. Process design is therefore a crucial factor for efficiency, acceptance and practical applicability.
)
,allowExpansion)
The solution
Implementing targeted quick wins in the process
A proven approach is a structured end-to-end analysis of the existing advisory process, focusing on mandatory content, data dependencies and the actual conversation situation. This enables pragmatic quick wins to be derived and implemented in a compact package of measures.
Redundant queries are eliminated, mandatory checks are logically bundled, and input steps are arranged so that they do not disrupt the flow of the conversation. Where appropriate from a specialist perspective, the standard process is adjusted or supplemented with a streamlined quick-advice process that covers all regulatory requirements but only requests the data required for the specific case. In addition, a clear distinction is made between activities that can be prepared in advance and checks that must take place during the live conversation. This reduces media discontinuities, minimises switches between input screens and creates a consistent process.ns.
The implementation
From the current process to a practical target state
Optimisation is carried out in close coordination between the specialist department, sales and IT. It is essential to adopt an approach that takes both regulatory requirements and the needs of the advisory context into account.
Analysis
The specialist department, sales and IT jointly analyse the current process and derive a practical target process from it.
Consolidation
Recurring or redundant process steps are identified, consolidated and integrated from a specialist perspective in workshops.
Review
The process logic is systematically reviewed in order to identify and implement potential optimisations within the framework of compliance requirements.
Separation
Preparatory activities are clearly separated from activities carried out during customer conversations and are unambiguously assigned within the process.
Assignment
The effects on documentation, follow-up processing and the traceability of subsequent activities are precisely described.
Implementation
The adjustments are implemented using defined test cases and supported by traceable documentation.
With Fincon Reply, regulatory complexity becomes an efficient advisory process.
The result
Noticeable relief in day-to-day advisory work
Process optimisation provides noticeable relief for advisers. Fewer queries, reduced data collection and a clearly structured process increase efficiency in day-to-day advisory work.
Advisory time is significantly reduced without compromising legal compliance. This creates a solution that makes remote sales channels more efficient and improves the quality of customer interaction. Advisers can once again focus on the core of their work: needs-based advice with a high level of compliance assurance.
)
Fincon Reply is a business and IT consulting company focused on the financial services industry. Fincon Reply advises banks, the savings bank financial group, the cooperative financial group, and insurance companies, as well as their suppliers, proactively in their digital transformation. The company provides on-site support with specialized consulting and development teams and delivers turnkey solutions.