How is Taskize reshaping Euroclear’s Collateral Management Services?
Eager to speed up and enhance its client query resolution process, Euroclear Bank’s Collateral Management Services team is now using Taskize, the leading investment operations collaboration platform.
We caught up with Bertrand Hanappe, Head of Collateral Client Services, Euroclear, at the firm’s flagship Collateral Conference in Brussels, to talk about how our platform is changing the ICSD’s approach towards customer communications.
Hi Bertrand, can you please explain your role and how your division has historically managed query resolutions?
As Head of Collateral Client Services, my role is to support customers and ensure that they get the most value-add out of Euroclear’s collateral solutions. Previously, Euroclear – as with many other providers – typically handled client queries manually via email.
Email is a perfectly acceptable tool to use when dealing with mundane or prosaic customer queries, but there are latency issues with email, which can lead to hold-ups in people’s response and processing times.
In addition, email can fall short when we are confronted with complex business problems or highly idiosyncratic client challenges. In such scenarios, there are often multiple, fragmented email chains happening simultaneously to each other – and this can result in delays, or even worse – mistakes or errors creeping in, as well as a lack of a clear audit trail.
What prompted you to move to Taskize?
Times are changing! None of my children use email anymore when communicating with each other – and we are seeing a similar transformation unfolding in our professional lives.
Over the last few years, there has been a proliferation of chat platforms across financial institutions, often at the expense of email. Not only is our industry becoming more complicated, but people are exchanging information across different communication channels and platforms.
This prompted us to turn to Taskize. Its ‘Bubble’ approach lets multiple counterparties – e.g. collateral givers and collateral takers – to speak with each other or share information in one place and in a synchronised fashion. This allows information to be exchanged instantaneously, regardless of the communication technologies being used by the various counterparties.
What tangible benefits are you seeing from using Taskize both in your collateral management business, and also across Euroclear more generally?
Taskize’s email integration solution means all of the relevant counterparties involved in a transaction are connected via a single platform. Inquiries are therefore centralised, saving us the hassle of navigating different platforms and communication channels.
By having an integrated collateral management workflow, we offer counterparties a platform where they can engage with us in a clear, consistent manner, reducing cost and risk, whilst also improving client satisfaction across the front, middle and back office.
From ensuring collateral sets are up to date, right through to fine-tuning processes to align with counterparty preferences, all tasks can be handled seamlessly, freeing up resources and bandwidth.
How do you see your relationship with Taskize evolving?
We have quite a few projects in the pipeline with Taskize! Our next strategic priority is to extend the Taskize-to-Symphony Messaging integration. This will enable clients using Symphony Messaging to interact directly with us through that platform, further consolidating communication flows and driving efficiency benefits.
Looking even further ahead, Artificial Intelligence is a subject that is on nearly everybody’s minds right now, and we believe it will have a significant impact on our operations, revolutionising how we support customers. This may involve the rollout of virtual assistants or tracking tools, both of which could improve how firms manage their collateral needs.
Thank you, Bertrand!
For more info, read our overview article and video – ‘Euroclear Bank’s Collateral Management Services adopts Taskize’ – and our previous Client Q&A with State Street’s Suren Sankar.