Introduction to Customer Related Development

Maintaining statutory and legal information about parties with whom a bank or Financial Institution does business with, is one of the critical aspects of the banking and financial services industry. During the course of its business, banks and financial institutions interact with a variety of persons or firms or companies and some common types of such parties are:

• Customers: Any party, individual or corporate that has a relationship with the bank for depositing their money or borrowing money.
• Prospects: Any party with a potential relationship with a bank or financial institution, which they record, and wish to follow up on, for future business.
• Agents: Parties authorized to act on behalf of customers.
• Guarantors: Parties who stand guarantee for the financial obligations and performance for bank customers.

This document deals with the changes which are required in Standard Model bank functionality to accommodate the China business requirements of gathering and storing legal, regulatory and other information for registration and reporting of customer as well as prospects.