Why do companies still spend billions of pounds, a plethora of manhours, and forests worth of paper to deliver documents to their customers?
Currently there are no easy ways for financial institutions to distribute digital terms and conditions to customers.
The digital delivery of this content is heavily regulated, complex, and expensive; often resulting in institutions reverting to the distribution of printed documents.
Financial institutions in the UK are bound by the Financial Conduct Authority (FCA) regulations. This stipulates that terms and conditions must be given to a customer in ‘good time’ and in a paper format or as one of 6 durable mediums.
The information must also be stored as long as it is relevant for the recipient.
Alt/Ave’s DMR solution streamlines the digital delivery of regulated documents from financial institutions to their customers in a cost efficient, compliant, and environmentally conscious manner.
By utilising Blockchain technology on a secure and reputable network, the solution guarantees immutability of the document, delivery in good time, and accessibility for future reference.
Financial institutions efforts towards ESG impact are heavily scrutinised (and publicised in the event of failures).
FCA recently stated that
current regulation is outdated & encouraged the introduction of
Need for safeguarding
of information and layers of security to counter cyber crime
Rising Cost-to-Income ratios are a big challenge in the industry.
Customer journey is becoming increasingly inconvenient for consumers