Banks are obliged to explain to their customers the opportunities and risks of a transaction and to examine how appropriate it is, taking into consideration all regulatory conditions.
Without a doubt: That is thoroughly sensible. But in order to meet this obligation, it is necessary to draw up documents which are legally sound and therefore standardised, with documentation of the accompanying opportunities and hence of possible or concrete risks involved and containing an illustration of how they work. And this must be done for each consultancy process.
This obligation can only be met efficiently by using digital document management. Standardisation of documents is intelligent and effective in numerous application contexts: hence product information sheets (PIBs) and key investor documents (KIDs), which are elementary for the advisory conversation with your customers, must be free of errors in terms of content and make a self-confident impact with customers. Manually drawing up these and other basic documents anew each time is error-prone and above all uneconomic. The document automation and document management of LPA help you to develop standard documents for your individual requirements and, with the document management system, to maintain an overview. This way, time remains for what is essential – your customers.