The new system launch is a big milestone in which Dorsum implements its software for the subsidiaries of Raiffeisen Bank International in Croatia, Hungary, Poland, Romania and Slovakia.
Dorsum, the award-winning investment software provider, was chosen to be the wealth management software supplier for Raiffeisen Bank International for the Central Eastern European (CEE) region. In order to support MiFID II compliant Premium and Private Banking advisory processes in the branch networks in Croatia, Hungary, Poland, Romania and Slovakia, Dorsum will provide a comprehensive solution for digital front-to-mid advisory and client facing.
Raiffeisen Bank International AG (RBI), member of Raiffeisen Banking Group is a leading corporate and investment bank in its home markets, Austria and the Central and Eastern Europe (CEE) where fourteen markets are covered by subsidiary banks. Seven of these countries are members of the European Union which means that in these markets Raiffeisen Bank needs to offer MiFID II compliant services. Strengthening its position Raiffeisen Bank decided to enhance its private banking service in five of these countries with Dorsum’s MiFID II compliant Wealth Management Platform.
The original MiFID framework has been revised to increase investor protection and improve the functioning of financial markets in light of the financial crisis, particularly around transparency, governance and customer protection.
Dorsum has identified the new MiFID II induced challenges for investment advisory and has developed its Wealth Management Platform. This platform covers cost reporting, customer suitability assessment, assessing the appropriateness of advised products and inducement management, and lot of other functionalities. It is not just a software product but an over-arching infrastructure designed to create a hybrid digital advisor workflow allowing effective assistance of the entire advisor work. A central part of the platform is the 360° overview it gives about clients, advisors, and regional branches, channeling in the type of information needed to make the right decision about them. The platform not only allows Raiffeisen Bank to rollout a strategic, unified and comprehensive customer advisory approach but also boosts the competitiveness by leveraging the MiFID II challenge into an opportunity for creating an enhanced advisor and customer experience.
The Wealth Management Platform has already been in use for other institutions in several countries but with the implementation for Raiffeisen Bank it will be an everyday working tool for more than 500 Raiffeisen Bank advisors in five CEE countries. The implementation process is already well progressed. The Wealth Management Platform will go live by the end of 2017.
‘We have chosen Dorsum because we have seen their dedication and quality of work they invested in the creation of the Wealth Management Platform. Most importantly we found the most favorable team both in size and knowledge and with a maximum engagement for fulfilling our needs.’– said Fabian Stenzel, Head of Premium & Private Banking Division at Raiffeisen Bank International.
Róbert Kő, CEO at Dorsum added: ‘We are very proud that we can be the software supplier for Raiffeisen Bank. This is a great step forward for expanding our activities within the Central European region by building a platform for a regional bank and its subsidiaries. It also verifies us that we are on the right track by offering comprehensive solutions which answering today’s real needs of our clients.’
Dorsum is an award-winning, innovative investment software provider. Since its foundation in 1996, Dorsum has become a leading software company in the Central and Eastern European (CEE) Region. Its proprietary investment software family offers versatile solutions to players in capital markets and wealth management. Dorsum supports its clients with unique cooperation throughout the entire lifecycle of the products, which also includes managing their expectations in terms of functionality, time, and budget.
About Raiffeisen Bank International:
Raiffeisen Bank International AG (RBI) regards Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. 14 markets of the region are covered by subsidiary banks. Additionally, the group comprises numerous other financial service providers, for instance in leasing, asset management or M&A.
In total, approximately 50,000 employees service 16.5 million customers through more than 2,400 business outlets, the majority thereof in CEE. RBI’s shares are listed on the Vienna Stock Exchange. The Austrian Regional Raiffeisen Banks own around 58.8 per cent of the shares, the remainder is in free float. Within the Austrian Raiffeisen Banking Group, RBI is the central institute of the Regional Raiffeisen Banks and other affiliated credit institutions and renders important services in this function.
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