What is MiFID?

MiFID (Markets in Financial Instruments Directive) was finalised on April 21st 2004 and must be implemented by November 1st 2007. It includes wide-ranging regulations for the establishing of a legal framework for the provision of trading services and alternative trading centres as well as the performing of trading transactions.

Besides information on the customer relationship, MiFID also requires data that lies outside the scope of the business relationship. Alongside professional advice and sales-orientated relevance, “complete“ documentation of customer contact, of topics discussed and of outcomes are essential.
New categorisation of customers, risk classification of customers and products as well as a professional complaints management system are typical requirements made of a MiFID compatible CRM solution. Using this system, businesses can get to know their customers better (KYC) and optimise their marketing, sales and service processes.
 
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MiFID with update.seven

The standard CRM solution update.seven is simple to use and may be implemented within a short space of time. update.seven already supports in full all of the requirements made of CRM systems by MiFID. This is because update.seven is a leading CRM system that already includes industry-typical processes for financial services providers. Branch offices in nine European countries and partnerships across the globe guarantee local success in the long-term. Our software is available in more than 21 different languages.

However, allowances must be made for the fact that the introduction of a CRM solution requires compatible technology, appropriate customer strategies, an experienced project team made up of staff from IT and specialist departments, integration with the core bank systems and the support of company management.

update software AG is currently working on the implementation of CRM projects for several banks and is providing extensive support for the requirements already mentioned.