The second Markets in Financial Instruments Directive (MiFID II) further tightens the guidelines for financial service providers in terms of investor protection. With regard to investment advice, there is an obligation to provide customers with information on the recommended financial instruments and the costs incurred in written and permanent form (so-called "pre-trade documents") prior to placing any stock exchange order.

 

A physical delivery of product information would significantly slow down and thereby reduce the bank's investment advisory business. Subsequent delivery of the requested information would entail considerable risks under civil law.

Only a small part of the clientele already had an electronic banking solution with a digital mailbox into which the documents could have been delivered electronically.

 

The aim of the project was the introduction of a slim and attractive digital mailbox App for the receipt of MiFID II related documents. This app was rolled out to all customers domiciled in Europe. In order to take account of customer concerns regarding security, e-banking functionalities (asset overview, payment transactions, stock exchange orders, etc.) have not been included.

Our Contribution

  • Creation of user journeys and requirement specification
  • Accompaniment of the app development by an external agency
  • Creation and execution of test cases
  • Adaptation of contractual agreements for the products in cooperation with the legal department
  • Analysis and testing of the necessary adjustments in the surrounding systems
  • Analyse und Testing der notwendigen Anpassungen in den Umsystemen
  • Data analysis of the customer structure and coordination of the rollout
  • Training of customer relationship managers
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