BS ISO 21586:2020 - Reference Data for Financial Services

In the ever-evolving world of financial services, the need for standardized data and clear specifications is paramount. Introducing the BS ISO 21586:2020, a comprehensive standard that provides a detailed specification for the description of banking products or services (BPoS). This standard is an essential tool for financial institutions aiming to streamline their product offerings and enhance their service delivery.

Overview of BS ISO 21586:2020

The BS ISO 21586:2020 is a meticulously crafted standard that serves as a reference for financial services. Released on October 27, 2020, this document spans 62 pages and is identified by the ISBN 978 0 539 00112 9. It is recognized as a standard, ensuring its credibility and authority in the financial sector.

Key Features and Benefits

• Comprehensive Specification: The standard provides a detailed framework for describing banking products and services, ensuring consistency and clarity across the board.
• Enhanced Communication: By standardizing the description of banking products, financial institutions can improve communication with clients and stakeholders, reducing misunderstandings and enhancing customer satisfaction.
• Streamlined Operations: With a clear specification in place, banks and financial institutions can streamline their operations, leading to increased efficiency and reduced operational costs.
• Global Applicability: As an ISO standard, BS ISO 21586:2020 is recognized internationally, making it a valuable asset for institutions operating on a global scale.

Why Choose BS ISO 21586:2020?

In a competitive financial landscape, standing out requires more than just innovative products; it requires a commitment to quality and consistency. The BS ISO 21586:2020 standard offers financial institutions the tools they need to achieve this. By adopting this standard, institutions can ensure that their product descriptions are not only accurate but also aligned with international best practices.

Moreover, the standard facilitates better data management and integration, which is crucial in today's data-driven world. With the ability to seamlessly integrate with other systems and platforms, financial institutions can leverage the power of data to drive decision-making and strategic planning.

Detailed Insights into the Standard

The BS ISO 21586:2020 standard delves into various aspects of banking product descriptions, providing a structured approach to defining and categorizing products and services. This includes:

• Product Identification: Guidelines on how to uniquely identify banking products, ensuring that each product is easily distinguishable and traceable.
• Service Attributes: A detailed breakdown of the attributes that define a banking service, from interest rates to service fees, providing a comprehensive view of what each service entails.
• Data Consistency: Emphasis on maintaining data consistency across different platforms and systems, ensuring that all stakeholders have access to the same accurate information.
• Regulatory Compliance: Insights into how the standard aligns with regulatory requirements, helping institutions stay compliant with industry regulations.

Who Can Benefit from BS ISO 21586:2020?

This standard is designed for a wide range of stakeholders within the financial services industry, including:

• Banks and Financial Institutions: Enhance product offerings and improve customer communication.
• Regulatory Bodies: Ensure that financial institutions adhere to standardized practices.
• Financial Analysts and Consultants: Gain a deeper understanding of banking products and services.
• IT and Data Management Professionals: Facilitate better data integration and management.

Conclusion

In conclusion, the BS ISO 21586:2020 standard is an invaluable resource for any financial institution looking to enhance its product descriptions and service delivery. By adopting this standard, institutions can ensure that they are not only meeting but exceeding industry expectations, paving the way for greater success in the competitive world of financial services.

With its comprehensive guidelines and international recognition, the BS ISO 21586:2020 standard is a must-have for any institution committed to excellence and innovation in the financial sector.

BS ISO 21586:2020

This standard BS ISO 21586:2020 Reference data for financial services. Specification for the description of banking products or services (BPoS) is classified in these ICS categories:

• 03.060 Finances. Banking. Monetary systems. Insurance

This document specifies how to describe the characteristics of banking products or services (BPoS) from a customer’s perspective.

Characteristics of a BPoS can be observed from different facets, called key elements, which are divided into three groups: required, optional or voluntary elements. This document elaborates on the purpose, content and description approach for the required and optional key elements.

Six levels of conformity are described in this document which are intended to allow a customer to assess the coverage of key elements in a BPoS. The logical and physical formats to express key elements are also defined. This document excludes requirements of a BPoS itself and specific value ranges of any key element are out of the scope.

This document guides the provider of BPoS in describing their products or services with the intent to help customers understand or compare specific BPoS. It is not applicable to describing securities or insurance-related products or services. BPoS can be issued by banks and other institutions.