11 December 2017
Today, Cecabank held the seminar ‘MiFID II as a boost for Digital Transformation in the distribution of assets’. Several experts participated in the event, offering their analyses on the short and medium-term application of this new regulation. It will partially come into force on 3 January.
The scope of this regulation was highlighted during the meeting. It affects the processes of arranging and executing transactions in the market, the training of professionals and the tools to communicate with customers. Manfred Nolte, a Management Solutions partner, pointed out that all financial agents are going to be affected by this standard to one degree or another: He explained that “MiFID II is going to impact all companies that offer investment, banking and management services”.
According to experts, as companies adjust to MiFID II, the technological development of each company will be decisive. It will be crucial to successfully address this challenge. “If the technology is not agile and does not allow companies to evolve quickly to changes in the environment, tracking or monitoring as they emerge, the company will take on serious risks", explained Nolte. Fernando Pastor, Sales Director Europe & Latam for Web Financial Group, has also provided relevant information. "In the unstoppable process of digitisation that we are witnessing, the quality and variety of the service will become crucial factors in the success of companies”.
Cecabank has identified MiFID II as an opportunity to improve its services
This new regulatory reality means that all agents involved in the financial sector must be more flexible. Being more streamlined in applying new regulatory requirements, along with the need to offer customers services. As well as competitive, innovative and attractive products on a solid technological basis.
Cecabank is aware of its customers' new needs. It has identified MiFID II as an opportunity to improve these services through a "Comprehensive Securities Solution". It offers entities a flexible, modular, multiplatform and agile system integrated with their own ecosystem. With this proposal, Cecabank facilitates the customised adaptation of each customer to the regulatory requirement. It also strengthens it, using the company's own business model, making a broad variety of products available to it. This includes the marketing of assets, proprietary and third-party investment funds and pension funds.
The ‘Comprehensive Securities Solution’ is designed to be a “complete and comprehensive tool to adapt to the particular needs of each customer through the creation of an open ecosystem with reliable members”. This explanation was provided by Joaquín Rivero, Business Development Director of Operational Services at Cecabank.
