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IBS Journal May 2015


quickly, and that would help create a strong CRM environment to effectively deal with customers and sales,’ McCombs states. ‘We are one of the top ten credit unions in the entire country in terms of the depth of our relationship with the customers. And we have strong growth goals, so we need- ed a partner to match.’ DNA, he comments, was ‘by far more automated’ than other evaluated systems. The credit union made trips to refer-


ence sites and held a lot of meetings with various DNA users, both those recom- mended by Fiserv and those that it found by itself, to get the full picture. The selection lasted twelve months.


‘We did not want to wait for too long. Some credit unions in the US defer making a decision for so long that by the time they do decide, the original requirements are out of date and they have to start all over again,’ McCombs observes. He emphasises that the users are look-


ing forward to the changes. The credit union differentiates itself with an uncon- ventional approach and ‘un-stuffy experi- ence’ for its customers. That means that ‘our employees are different’, says McCombs. ‘Every morning all our employees have a “motivational moment”, i.e. 15 minutes of doing something that is complete- ly unrelated to work.’ When dealing with


‘Talk like a pirate day’ at DHCU


customers, ‘we are trying to create some- thing memorable and put a smile on peo- ple’s faces’, he continues. ‘Banking is tra- ditionally seen as morbid, and we want to change that.’ Various entertainment activities are held regularly at the branch- es. For instance, all throughout March the branches had basketball hoops installed in them, to coincide with the popular Nation- al Collegiate Athletic Association’s (NCAA) basketball tournaments, known as ‘March Madness’, and customers could take on the branch staff in a game of basketball. Other


activities might include singing, dancing and cookouts. Branches are a vital part of the DHCU/


Vibrant strategy. As mentioned earlier, there are plans to grow the branch net- work, and the new locations will be ‘tradi- tional branches’ with staff. However, their role will be that of sales centres, McCombs explains. ‘A branch today is very different to what it was ten years ago,’ and it is staffed with people with a different set of skills to old-fashioned tellers. ‘Tellers will become sellers.’


Swift plans next steps for KYC initiative


He also emphasised that ‘this isn’t just a database, there is a lot of functionality’ plus the need for a bank to send an access request to another bank and receive a con- firmation before it can view the latter’s data. Moreover, Swift is able to offer a traf- fic profile for a set fee per year, allowing banks to understand the Swift message flows and start to address what is now increasingly being termed as Know Your Customer’s Customer (KYCC). The Swift Traffic Profile can address ‘nested KYC’ and ‘can demonstrate a level of network clean- liness’, he said. This is particularly related to flows to and from the Financial Action Task Force (FATF) high-risk and sanctioned juris- dictions. The Society remains rather more coy on price but is seeking to tempt


participants with the offer of six months free consumption for any members that contribute. At present, the registry holds data on more than 380 entities across 109 countries. Twelve large banks have been part of the working group and are among the first contributors. Central banks have been critical to the early adoption, add- ed Sheppard, giving the example of the Dominican Republic, where the central bank hosted a Swift presentation on the registry and mandated that all of the coun- try’s banks should attend. The Asian Devel- opment Bank has been involved as well, so too regulators in countries such as Nepal, Bangladesh and Myanmar. Cooperation is ‘seen as one way to keep the doors open for correspondent banking’, he said. The increasing complexity of KYC, the


© IBS Intelligence 2015


...continued from front page


large increase in fines over the last two years, and the fact that ‘a large number of small and medium-sized banks are being excluded from correspondent banking’ were cited by Sheppard as reasons for Swift’s intervention in this space. ‘We want to take it one step further and make it a one-stop shop for all due diligence pur- poses,’ he concluded. Nevertheless, Swift has plenty of competition from long-stand- ing commercial providers plus more recent additions including the service launched last year by Genpact and Markit and others from the DTCC, Thomson Reuters and Swit- zerland-based KYC Exchange Net. While there looks to be clear overlap with some, there could also be areas where the initi- atives are complementary and could be coordinated.


www.ibsintelligence.com 15


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