How can FATCA and CRS solutions help grow your market share in 2021?

By Steve Perkins
23.06.2021
Read Time: 2 minutes
TAINA helps digital financial institutions grow

In 2020 and 2021 Digital financial institutions, including challenger/neo banks, CFD traders, crypto traders and gaming companies were in a prime position right now as they have a tremendous opportunity to grow their business, with most people stuck indoors due to nationwide lockdowns, and are ready to transact. However this also means customers are putting more emphasis on the digital customer experience.

FATCA and CRS compliance especially when done through manual processes is often seen as a blocker to this growth as onboarding a customer can take a while and requires skilled tax operations professionals to be working at their full capacity. 

Furthermore historically the FATCA and CRS tax documentation process has often lead to the following pain points for digital financial institutions:

  • High error and rejection rates with customers submitting an invalid form 65% of the time.

  • Customer frustration, dissatisfaction and in some cases loss of customers due to customers dislike for tax forms and length back and forth with tax operatives.

  • Customers experience delays between tax form submission and feedback and then further delays between customer onboarding and accessing the financial product

 

How can automating FATCA and CRS compliance unlock user growth?

At TAINA we understand that customers and investors may not choose their digital financial institution based on their robust FATCA and CRS validation and reporting processes however they will compare institutions digital customer experiences, especially whilst experiencing it in the middle of lockdown.

TAINA’s automated FATCA and CRS Validation platform can help you unlock this growth, by helping you provide a simple and intuitive customer experience on any device. The TAINA’s Online FATCA and CRS Customer Platform  helps you deliver a superior customer experience by providing a smart and intuitive interface, built in IRS guidance for faster tax form completion and real time FATCA and CRS form validation at the click of a button. In 2021 the TAINA Platform went a step further in enhancing the customers’ experience by introducing a “No Tax Form” Customer Journey which allows those customers who dislike or are unfamiliar with tax forms to complete tax forms by answering a few simple questions. Our online solution can be integrated into your digital customer experience or implemented as a stand alone turnkey solution.

Your customers’ experience will be second to none, making your customer experience a powerful differentiator from your competition and ultimately a competitive advantage. Before they know it, your customers and investors will be done with their FATCA and CRS Compliance piece of your digital onboarding process.  

 

TAINA’s Online FATCA and CRS Platform Proven Performance

TAINA’s online customer solution allows your customers and investors to complete and submit all types of W-series and CRS forms, on any devices and is already helping other digital financial institutions achieve impressive results.

  • TAINA’s Real-time FATCA and CRS form validation checks before submission have proven to reduce rejection rates and customer back and forth 85% 

  • Customers are completing  FATCA and CRS tax forms 63% faster using TAINA’s No Tax Form Customer Journey sleek and simple questionnaire format. 

 

TAINA Platform Integration into your Digital Customer Experience

The TAINA Platform can be integrated into your current digital experience or deployed very quickly as a turnkey to capitalize on the 2021 market momentum. The TAINA Platform promises to deliver the highest return on investment and the fastest and easiest deployment for any regulatory technology solution. TAINA prides itself on having the highest degree of automation and most cost effective process of any in-house or commercially available tax operations solution.

 We would love to talk to you more about your digital institutions current FATCA, CRS and QI compliance process and about how our automated FATCA, CRS and QI Platform can help improve your digital customer experience. For more information reach out to us or request a demo today.

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