New EU regulatory database and library
Success achieved
The timely launch of a unique online service for the financial services industry.
- Website
- http://www.fecif-db.eu
- Project dates
Spring 2017 – Autumn 2017
Project team
- Johannes Muschik, former Chairman, FECIF
- Ivan CUK, IT Project Manager
- Paul Stanfield, Secretary General, FECIF
- Vincent Derudder, Honorary Chairman and Chairman of the Advsory Committee, FECIF
Tools & Systems
We have built the website using an open source content management system called “Wordpress” and have tailored it to our needs incorporating various plug-ins like “Private Content” for managing the users or special plug-ins for managing the Documents Library.
We decided to progress with an open source system like Wordpress because it is easily accessible, versatile and reliable, it is also user-friendly and most importantly it allows different collaborators, spread across multiple offices, to easily contribute, manage and add content to the website in the backend.
Introduction
The FECIF Regulatory Database and Documents Library is a unique online service, exclusively available to our members. We wanted to create a matchless knowledge tool to help our members stay on top of all developments in the area of European financial regulations - and for them to be able to access pertinent information and documents in an easy, cost-efficient and time-effective manner. This was due to a request from some of our members, allied to the fact that no such reservoir of information existed.
Discovery
By creating an online facility, details and documents about the area of European financial regulations were easily accessible by our members who are spread across Europe. This has saved them significant legal costs, reduced the potential business risks of their national members, and increased the chance of better outcomes for consumers.
Objectives
We hoped and expected to create a unique information repository that was easy to navigate, in order for users to source information, documents and articles quickly and efficiently.
The main aim of this unique facility was to provide an additional benefit to our members, at no additional cost to them. It is envisaged that, as new and extended EU financial regulation starts to take effect over the next 12 months and beyond, this will further increase our membership retention and attract new members. In this way, net revenue benefits are expected during 2017 and into next year, but not required.
Activities
Stage 1: Scope
Initially it was important to understand:
- The required scope of this online database – what content was desired by our members?
- The preferred format of our members – how did they want to access this information?
We created a project team and analysed our members’ needs via verbal and written communications – commencing initially with the members of our Board and Advisory Committee, then extending out to as many of our member organisations and entities as possible. This feedback was collated and analysed by the project team. This research continued alongside development testing throughout the lifetime of the project.
Stage 2: Platform selection
We then had to decide on the best way to deliver this online facility. Ultimately the project team chose to build the website using an open source content management system - “Wordpress” - and have tailored it to our needs incorporating various plug-ins like “Private Content” for managing the users or special plug-ins for managing the Documents Library.
We decided to progress with an open source system like Wordpress because it is easily accessible, versatile and reliable, it is also user-friendly and most importantly it allows different collaborators, spread across multiple offices, to easily contribute, manage and add content to the website in the backend.
Stage 3: Design & Implementation
The IT Project Manager then took over, building and designing the Database with regular input and feedback from the rest of the Project Team.
Regular Skype meetings were scheduled and helped to keep the project on track, in terms of meeting the end goals and timescale. As the project team are all based in different parts of Europe - Vienna, London and Luxembourg - it was very important to ensure that communication was efficient.
Homepage
In terms of how the informaion is organised on the platform, all of the articles and non-document content is grouped into 7 main categories (e.g. “Investment”, “Insurance”, “Pension” etc.). These categories can be seen throughout the website and all of the content is then further separated into more specific sub-categories (e.g. “MiFID2”, “IDD”, “PRIPS” etc. – i.e. specific regulatory and/or legislative elements).
For each article there is the ability to access associated documentation where relevant. Also, all users can see the most recent and popular articles, and those most recently commented on, and can search can easily search through the “Archives” of published articles by year and month.
There is also a full search feature of course, enabling searches for any content, anywhere on the site, using relevant key words.
The second, integrated aspect of this Database is the Documents Library, where we specifically store all of the important documents on various subjects, with the option for users to view them within the system or download for later use.
Just as with articles, the documents are appropriately organised under the same categories referred to above and further sub- divided in exactly the same way as the rest of the content within the Database. This allows any user to search for specific and / or associated information, documents and general content that is entirely suited to their particular requirement, at any time.
Stage 4: Beta testing
The Project Team and selected members of the Board undertook final testing – utilising the system and evaluating it against their own needs. Feedback was filteteed back to the whole Project Team and changes were made where appropriate and relevant.
Innovation
The inclusion of potential users from day one - and ensuring that they were at the forefront of the development process - proved highly successful in creating a very effective end solution.
Marketing
This stage overlapped stage 4 in many ways. Whilst final testing was taking place, all marketing collateral was designed and created. An online User Video, a User Factsheet, and a press release were all produced, with input form all of the Project Team.
Also a Youtube tutorial was created, to help navigate through FECIF Regulatory Database & Library.
Challenges
- We were creating a unique facility and therefore had no real template from which to commence
- The needs of our members, whislt similar generally, were different in certain specifics. We needed to ensure that we met as many of their individual requirements without sacrificing the integrity and useability of the Database for all.
Achievements
Our main objective to create a unique knowledge tool to help our members stay informed about all developments in the area of European financial regulations has been successfully achieved.
Financials
The investment was predominantly made by the input of considerable time from existing Board members plus the relationship we already had with Nucleus, which provides IT services and support to FECIF.
What would we do differently?
- Look to gain sponsorship/funding early in the development process, to enable us to have completed the project sooner.
- Engage the wider industry much sooner so as to achive a similar result in terms of speed to conclusion - and also make it increasingly relevant to a wider audience.
Feedback & Testimonials
“The FECIF Regulatory database is an invaluable tool that brings great value-added to the members. It not only summarises all of the many regulatory initiatives taking place, but also acts as a sort of early warning systém, thus easing the life of any association executive considerably. It is a working tool any EU association should have.“
Jiří Šindelář, USFCR (Czech Republic)
“At VOTUM, in our daily work, we have to face plenty of European Directives. In addition they lead to a tremendous amount of further regulations like DTA, Delegated acts, Technical Information, Technical Standards, Guidelines and further more requirements of the European supervisory authorities. The FECIF Regulatory Database provides us with real support and enables us to keep track of all these papers instantly.”
Matthias Leidt, VOTUM (Germany)
Wider impact
One of the stated aims of FECIF is to support and assist its membership, which ultimately represents around 250,000 advisers and intermediaries across Europe, and a further 400,000+ back-office and administrative personnel. This online facility provides significant assistance to them and therefore supports their businesses in a unique but highly relevant manner.
It is helping our members to remain “ahead of the curve” in adapting to new and forthcoming regulations, in a very cost- and time-efficient way. It is also helping them to lobby effectively against any proposed regulations or legislation that are likely to be unworkable, inappropriate, or counter-productive.
It is also helping our National Association Members to better assist their members and, in some cases, to provide access to other users on a paid-for basis, thus increasing their revenue streams.
