Two financial software developers, Broadridge Financial Solutions and Doxim, have partnered and jointly developed a Smart Statement Solution for Canadian financial firms implementing the new Client Relationship Model 2 (CRM2) regulations, according to Broadridge statement.
CRM2 rules mandate sweeping changes to account statements issued by Canadian banks, broker-dealers and asset management firms. Broadridge and Doxim’s Smart Statement Solution is a cloud-based service that aims to streamline the statement process in line with CRM2 standards.
“The financial services industry is seeing increased regulation and compliance reporting requirements, and the significant changes detailed in CRM2 are evidence of this shift,” says Donna Bristow, vice president of client management and strategic product development at Broadridge in a statement. “The ability to incorporate performance data and additional disclosure information from multiple systems, including our own, is what makes this solution so unique.”
Broadridge is a global provider of investor communications and other financial software to broker-dealers, banks, mutual funds and corporate issuers. Doxim is a developer of customer communications management software for financial firms.
“The rollout of the second phase of the CRM requirements means that Canadian wealth management firms will have to dramatically modify the information presented in their account statements,” says Chris Rasmussen, President and CEO of Doxim. “With the Broadridge Smart Statement Solution, we are offering firms a way to not only meet these regulatory mandates, but also improve statement readability, enhance client satisfaction and target messages to clients right on the statement.”
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