Our client is a prominent regional bank headquartered in Europe, renowned for its innovative financial products and customer-centric services. Established over 50 years ago, the bank has grown steadily, positioning itself as a trusted financial institution within the region. It offers a wide range of retail banking services, including savings and checking accounts, personal loans, mortgages, credit cards, and investment products. Our client’s mission is to provide exceptional financial services tailored to meet the diverse needs of its customers, from individual account holders to small and medium-sized enterprises.
Business Vertical:
Retail Banking
Region:
Europe
Size of the Firm:
Medium-sized enterprise with approximately 2,500 employees
Challenge
Fragmented Compliance Processes:
The bank’s compliance processes were fragmented, making it difficult to maintain consistent regulatory adherence across different regions.
Risk Management:
Identifying and assessing risks in a timely manner was challenging, increasing likelihood of non-compliance and potential penalties.
Incident Management PII Data Security:
The bank found it tedious to keep up with the everchanging security landscape. Frequent audits helped the company identify and manage the issues before each version was released. But the bank was looking for a way to proactively identify issues.
Solutions Proposed
The client adopted TED to streamline and automate its compliance processes, ensuring consistency and accuracy across all operations. TED automated various compliance tasks, reducing manual effort, minimizing human errors, and increasing overall efficiency. The platform improved data security measures to protect customer information and achieve GDPR compliance. The solution also offered centralized and detailed audit trails, making audit preparation easier and more efficient.
Impact
TED automated various compliance tasks, minimizing human errors and increasing accuracy. The platform also improved data security protocols, ensuring customer data protection and compliance with GDPR. Additionally, TED enabled faster identification and resolution of compliance incidents, enhancing the bank's overall risk management.
Outcomes
100% Compliance achieved with regulatory requirements.
27.4% Increase in customer trust due to robust data protection measures.
Scaled compliance efforts by 43% as the bank expanded operations.
Enabled seamless integration of compliance protocols across 5 new regions.
Customer satisfaction ratings
improved to 84%.
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