Bank Network Management in a Remote World

Bank network management is moving to a more remote model for communication, the due diligence process, and everything in between. Since early 2020, bank network managers have had to communicate with agent banks from overseas, a far cry from in-person visits. This new process isn’t going anywhere soon, so it’s important for bank network managers to keep up. Here’s a look into some remote collaboration strategies.

Connecting with Agent Banks at Scale

Due to covid-19, the need for network management at scale has increased. When conducting due diligence, a software platform that serves you is essential. With the right technology, you should be able to email notifications, quickly search and take action on pending approvals, and take bulk actions.

Creating a Single Source of Truth in Bank Network Management

In a remote world, it’s more important than ever to keep all communication and documents in a centralized location. A complete platform in which agent banks can respond is the solution. With one source of truth, not only are you prepared in an audit situation, but everything can be tracked over time.

Having a single source of truth allows bank network managers to:

1. Get a comprehensive view of incoming DDQs
2. Delegate sections and questions within their organization
3. Upload documents and respond to clarifications within the application
4. Export DDQs into an editable PDF, respond offline, and re-import their answers
5. Focus on providing only answers that have changed since the previous DDQ
6. Get a single file library of all uploaded documents with a complete audit trail

Above all, a centralized platform prevents network managers from scrambling to track down answers and documents.

Automating the Bank Network Management Process

Almost every piece of the network management process can be automated. Here are a few options to consider.

1. Automation of DDQs can have an immense impact on the network management process. Templates such as AFME and Wolfsberg are a good starting point. These can be built upon with individual proprietary questionnaires as well. This automation can save countless hours for network managers. But remember, when using standard templates, if you alter their content, they’re no longer standard - so automation may be negatively impacted.
2. Auto-assign questions and sections within your organization for evaluations with a bank network management platform.
3. Pre-populate answers from previous cycles to save time. Show only updates on items that have changed from the year before.
4. Lastly, auto-score yes and no questions and multiple choice answers to further automate the process.

Leveraging Analytics

Much of the value that comes out of network management involves analytics. Access to raw and aggregated data is key to decision-making in the future. If conducted correctly, managers and custodians should be able to provide detailed analytics at the agent bank and portfolio levels. For individuals invested in the broader view, being able to drill down on a granular level when needed is invaluable.

Dashboards to track the progress of DDQs, issues, and assignments allow your managers to run benchmarks and auto-generate executive and summary reports from DDQ data. Customize these dashboards to your preferences, including everything from default filters to data visualizations, so you get the information you need fast.

BNM360 is the most comprehensive platform for automating the global network and custodian monitoring process. BNM360 includes modules for complete automation of the DDQ and RFP process, managing the centralized agent bank and account database, automated workflows for account opening and the account recertification process. BNM360 also provides centralized document repositories, issue management, powerful analytics, and easy-to-use portals for agent banks. Learn more about BNM360 here.