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Client Case 1 : Digitization of a Private Bank

The modules used

MiFIDprofiler

RISKprofiler

ESGprofiler

EDUprofiler

The modules used

MiFIDprofiler

RISKprofiler

ESGprofiler

EDUprofiler

Our client

International Private Bank

Our client is an international private bank subject to MiFIDII and LSFin regulations. The majority of its clients are European and Asian (Ultra) High Net Worth Individuals over the age of 60.

Profiling

The onboarding and evaluation of MiFIDII profiles is assessed out via a paper questionnaire carried out internally by the compliance department.

Key Performance Indicators

Following the success of the POC, our client decided to deploy our solution throughout the group, while leaving the possibility for bankers to use the paper questionnaire as a back-up solution.

80% of clients prefer the Neuroprofiler questionnaire over the existing process

Consistency of the risk profiles identified with the Neuroprofiler questionnaire with the initial risk profiles

Improvement of the level of financial education of clients via our EDUprofiler

Promotion of sustainable finance products via our ESGprofiler
                                                                         

Our client’s issues

Pursue its activity during lockdown

The onboarding and evaluation of MiFIDII profiles is assessed via a paper questionnaire carried out internally by the compliance department.

Improve customer satisfaction and sales of more dynamic products

Paper profiling questionnaires, which are several pages long and identical for all clients, are tedious to complete for clients who do not understand their usefulness. The vast majority of client profiles are moderate, in part due to the sometimes limited financial knowledge of clients.

Be compliant with MiFIDII/LSFin

In order to meet the recommendations of European financial regulators, our client wanted to use behavioral finance to better assess the risk profiles of these clients and integrate the assessment of ESG preferences.

Saving time for advisors

Paper questionnaires also require bankers and their assistants to spend several hours each month manually entering the results into their computer systems.

Collaboration with Neuroprofiler

In order to address these issues, Neuroprofiler collaborated with this international private bank for a period of 6-months Proof Of Concept, in collaboration with the compliance department, the innovation department and the private bankers.

Co-creation workshops (2 months)

  • Choice of illustrations for our RISKprofiler
  • Rewording the questions of the MIFIDII/LSFin questionnaire
  • IT architecture
  • Pilot Process

Creation of a tailor-made digital MIFIDII questionnaire (2 months)

  • Integration of ESG preferences
  • Adaptation of our RISKprofiler, ESGprofiler, MIFIDprofiler and EDUprofiler modules to our client's products and to its existing paper questionnaire so that the digital and paper questionnaire can continue to coexist
  • Digitalization and gaming adapted to a senior high net worth clientele
  • Optimization of the questionnaire duration via an adaptive algorithm
  • Increased questionnaire reliability and compliance through behavioral finance
  • Preparation of the integration of the questionnaire into the customer's CRM and core-banking for the post-pilot phase

Testing phase (2 months)

A Phase 1 test is carried out with volunteer clients. The new digital questionnaire is compared with the initial paper questionnaire. At the end of the questionnaire, customers are invited to fill in a satisfaction survey. Further modifications are made following the feedback from Phase 1 customers and financial advisors. A Phase 2 test is carried out to validate these changes.