SCOPE looks back on a successful Know your customer Update event. On Tuesday 21 November, the so-called “KYC update event” took place in the Philips stadium in Eindhoven, where the latest news, the current situation of the SCOPE KYC Cloud Portal and the roadmap for 2018 were presented.

“We are convinced that if the investor wins, everyone wins. Everyone benefits from people having good experiences when investing.”
Ben Granjé

The state of affairs

Much has happened since the release of the KYC solution on May 18th this year. After many conversations with prospects, customers and experts in various fields, one of the most important things remains at the heart of KYC: “How do you deal with your customers and how do you ensure trust in the relationship?” Using the SCOPE KYC solution can contribute to the trust in the relationship between you and your customer in various fields and thus make a significant contribution to the duration of your customer relationships. With this in mind, SCOPE develops the software and actively tries to communicate this philosophy. In that respect, the software is a means and a snapshot and continuously in development.

New: subjective risk appetite test

One of the highlights of the afternoon is the announcement of the fact that SCOPE Marketing Technology e.g. has entered into a partnership with FinaMetrica (www.riskprofiling.com) in the field of the determination of the subjective risk appetite of the client. FinaMetrica is one of the world leaders in the field of risk appetite determination and is used, among others, by major banks such as GoldmanSachs and HSBC.

This risk appetite is determined using a test consisting of 12 questions. This test has now been completed worldwide by more than one million respondents, creating a huge reference database with answers, which is continuously used to improve the test. This test will be integrated with the SCOPE KYC Cloud solution, which means that, in addition to the objective risk determination based on the financial position, personal data can now also be used to determine the subjective risk appetite of the client, supplementing  the already existing scenario analyses of the EPI Engine. This gives both the client and the asset manager/advisor the tools to come to the best possible determination of the risk appetite.

Gamification: make it fun and easy

During the extensive demonstration of the KYC solution by Bas van der Veer, the entire solution will be presented step by step, and various skills will be discussed along the way, including importing and reading CoC extracts to quickly and efficiently enter the data of a business partner. The link with a Vicard database for the accelerated introduction and updating of business partner and contacts. It is clear that the software kept as user-friendly and low-threshold as possible when it comes to adding information. Input data is presented to the client in nice graphical overviews.

Behaviour. Insight. Applied. Sourced. (BIAS)

Robert van Beek and Ben Granjé of BIAS have highlighted the various aspect of the mental rollercoaster of an investor passes when he or she has to make choices and what the role of the so-called prejudices or biases are. The psychological and behavioural components unconsciously play a greater role than you would expect in the relationship between an investor and asset manager.

Ben Granjé emphasises the importance of the personal approach, looking at the bigger picture. A perfect portfolio is not the portfolio with the best distribution or the highest return. The portfolio must match the customer. He predicts that the roles of financial planner and asset manager will increasingly merge. The detailed inventory of the financial position and the extensive risk determination in the SCOPE KYC solution are a good example of this.

It was a fantastic afternoon. Make sure to keep an eye on the announcement of the next update event, because the developments are going very fast …