NexJ Customer Process Management Solution Selected by Leading Bank to Comply with US Department of Labor Fiduciary Rule
NexJ helps global financial services firms meet their regulatory and fiduciary requirements
TORONTO, Jan. 16, 2017 /PRNewswire/ - NexJ Systems Inc. (TSX: NXJ), a provider of enterprise customer management solutions to the financial services and insurance industries, announced today that the US Wealth Management division of a leading Canadian Bank has selected NexJ Customer Process Management (CPM) to meet new compliance requirements mandated by the US Department of Labor.
The firm selected NexJ CPM for its ability to streamline the documentation of advice and recommendations, a key requirement for an evidence-based approach to meeting the Fiduciary Rule. NexJ CPM quickly guides front-office users through data entry, simplifying and streamlining the process by asking the right questions at the right time. NexJ CPM saves advisors time by automatically pre-filling information about the client from integrated sources and synchronizing updates across all systems. Full audit and traceability makes it easy for compliance teams to provide necessary information to regulators when required.
The solution will be rolled out to the firm's 3,800 front-office users to help meet the requirements before enforcement comes into effect in April, 2017.
NexJ's Strategic Solution for Regulatory Compliance
NexJ has been working with firms to deploy innovative and strategic solutions to address complex compliance regulations across the globe. Firms leverage NexJ's award-winning enterprise customer management solutions to establish a comprehensive risk and regulatory-focused view of customers, enabling financial advisors to better deliver a fiduciary standard of advice.
For example, the private banking division of a major Swiss bank, is using NexJ CPM to demonstrate compliance with KYC and AML requirements in the United Kingdom. "It's our unique combination of technology and expertise in the industry that makes it possible for us to deliver solutions that help firms meet their fiduciary obligations in an ever-changing regulatory environment," says Bryan Sachdeva, Senior Director of Wealth Management Solutions at NexJ Systems.
The DoL Fiduciary Rule
The DoL "Fiduciary Rule", elevates standards for financial advice, forcing financial advisors (FAs) to operate at a fiduciary standard when making retirement-related investment recommendations to clients.
SS&C Technologies Holdings, Inc., a global provider of financial services software and software-enabled services, reports that 85 percent of investment professionals expect that their firm will spend money on technology that will help them comply with the DOL Fiduciary Rule. As many as 33 percent of respondents expect their firm to spend between 10 and 25 percent of their budget on this. "NexJ's customer-centric approach to tackling data and process automation challenges is the differentiated solution our customers are looking for," says Paul DeVriendt, Senior Vice-President of Products at NexJ Systems.
About NexJ Systems Inc.
NexJ Systems provides enterprise customer management solutions to the financial services industry. Our solutions include industry-specific customer relationship management (CRM) to enable collaboration across countries, regions and teams; customer process management (CPM) for client onboarding with KYC and AML for regulatory compliance; and customer data management (CDM) to support digital transformation and customer analytics across the enterprise. Our solutions integrate information from multiple systems into a unified view to help firms better understand and share information about their customers to increase loyalty, drive cross-sell and improve the customer experience.
Based in Toronto, NexJ has clients throughout North America, Europe and Asia Pacific. For more information about NexJ visit www.nexj.com, e-mail [email protected], or call 416-222-5611. Join us on LinkedIn, follow us on Twitter, subscribe to our YouTube channel, like us on Facebook or hang out with us on Google+.
NexJ Forward-looking Statement
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on NexJ's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. NexJ's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see NexJ's securities filings with the OSC and other securities regulators. NexJ securities filings are available on www.sedar.com. Unless otherwise required by applicable securities laws, NexJ disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE NexJ Systems Inc.
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