Electronic Bank Account Management (eBAM) is a classic example of a win-win proposition. As the most manual, paper intensive interaction between corporate and institutional clients and banks today, the account maintenance process is inefficient, error prone and inherently slow.
Banks that invest in eBAM solutions will be able to reduce their operational costs, improve quality and responsiveness and meet an emerging demand from clients for innovative solutions that contribute to their bottom lines while also enhancing control. eBAM should be considered a fundamental component of an overall strategy to improve the client onboarding process, a response that TowerGroup sees as a critical differentiator going forward for the wholesale banking market.
Banks that take early action to roll out eBAM capabilities will be best positioned to respond to the projected rapid deployment of eBAM solutions on the part of their most valued corporate clients. eBAM is a game changer. Don’t be left out of the game.
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Like Susan indicated, Electronic Bank Account Management (eBAM) would enable banks to be more competitive and make it easier for banks to win new clients as well as maintain existing ones.
Studies claim that automating Bank Account Management (eBAM) would enable banks to:
• Reduce their operational costs associated with account management by an average of 21%
• Reduce the time it takes to open a new account from 2 weeks to 2 days
• Reduce the number of forms containing errors by 80%
• Improve SLA’s and customer satisfaction as less than 1% of forms need to be re-processed
SWIFT’s EBAM solution is available today for all institutions – banks and corporates – that are connected to SWIFTNet. There is no dedicated closed user group, nor is there a need for a separate registration to start using the solution. Two counterparties just need to agree with each other to start exchanging EBAM messages. The solution description and all details around the use of EBAM over FileAct, the EBAM scenarios covered, and the ISO 20022 XML standard details can be found in the “technical and practical information” section of the resource centre on the SWIFT for corporates website (www.swift.com/corporates/resource.htm).
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