Digital has become quite a buzzword in Jersey’s financial services sector. Whether that be our advanced approach to fintech or adoption of automation, Viewpoint often lead. Digitalisation in the sphere of Entity Management, translates into a shift in business processes to use digital technologies, constantly searching for and creating greater efficiencies.
As evidence for this, we can turn to one striking example. The Jersey Financial Services Commission (JFSC) announced in September last year, a change to the earlier published timelines for Jersey to switch to electronic-only filings submitted directly to the JFSC portal. That commitment is quite an endorsement of this shift to digitalisation, recognising the trend, and from a leader in the international finance sector. It makes the important point that Entity Management is an example of going digital being recognised as a progression to more effective working, and the JFSC is to be lauded for continuing to be at the forefront.
Digitalisation has provided a pathway to dedicated niche solution such as Viewpoint, to offer service providers, and clients, not only secure relational database systems but also the ability to integrate the previously disparate parts of an organisation, such as compliance, billing and accounting, into a single platform.
For an international finance centre such as Jersey, Entity Management has evolved into a highly specialised professional service that underpins many of the other financial and legal services available to Financial Services firms. SaaS, or Software as a Service, is one standout example of the benefits of digitalisation. SaaS solutions are those hosted on the Cloud and technically managed by a software provider such as Viewpoint, the only entity management solution in the offshore space that offers SaaS. Going digital here means global environment accessibility; scalability with security and business continuity. Alone this makes a strong case for digitalisation.
For clients, a capable digitalisation solution opens the door to a vast array of value-added benefits, an area in which Viewpoint already holds vast experience that includes efiling: AEOI (CRS & FATCA); Economic Substance, Owners & Controllers, DAC6, and UK Forms. In addition, a state-of-the-art entity management solution offers extensive data validation verification tools to further increase accuracy.
With the introduction of BPM and automation, the latter introduced because it has tangible value, it is possible to achieve very high-level degrees of consistency on all aspects of business, both in terms of quality and service delivery timeliness. Consistency brings fewer errors, reduces risk and, in turn, promotes improved client satisfaction.
The use of digitalisation also enables once laborious tasks to be done in a fraction of the time. This means that from the completion and submission of a statutory form, to the sending of thousands of reminders to clients, success is just a few clicks away and includes automated processes that significantly reduce human error.
With the right partner the digitalisation of Entity Governance is not science fiction, the benefits are available today with Viewpoint.