EVRY’s savings concepts give banks the opportunity to offer different customer segments short or long-term savings products with fixed or variable interest rates, tiered rates, money market rates, bonus schemes, fund-based savings, savings with 31-day notice periods and products related to customers’ card usage.
Common to these savings products is that they can all contribute positively to meeting the new liquidity requirements and can count towards liquidity reporting (LCR).
The savings concepts are largely built on automated processes and life-cycle management, while fund-based savings solutions offer users an on-line interface with fund managers and cost-efficient payment solutions with balance checks and direct debits from accounts. The services are delivered as an integrated part of banks’ business systems.
There is consequently a high level of automation from product development through to sales as well as in relation to anti-money laundering checks, MiFID tests, document management, update processes, reports, customer notifications and tax reporting.
Efficient self-service solutions and sales processes with minimal use of manual procedures free up valuable time for bank employees to spend on providing advice and making sales.