Digitalizing the Client Lifecycle to Create Golden Moments of Client Interactions

Having seen so much turmoil over the past decade, the financial services market is finally switching gear, moving away from an almost compulsive focus on regulatory compliance and towards a more customer-centric mindset that involves creating ‘golden moments’ of customer interactions.

CLM - From Process to Customer

Up until now, the financial services industry has been focused on getting to baseline, designing all data and internal processes in order to drive out inefficiencies, automate interactions with third party provider and optimize the end-to-end client lifecycle process.

Now with baseline in place, financial institutions are much more focused on the client experience, moving away from a “how do we manage processes” mentality to “how do we better interact with and engage customers”.

A lot of current attention is now turning to creating well-orchestrated client journeys that enable clients to pass through all internal touchpoints and be onboarded in a timely and efficient manner. Clients will come through a variety of different channels (website, mobile, relationship manager, branch) and will undergo various different journeys. Financial institutions are now focused on how to digitally guide clients from any channel and expertly orchestrate their internal journey through compliance, credit and legal approvals, and all the way through to final onboarding. Fenergo CLM achieves this by becoming the steel thread through every interaction, ensuring that the client comes through the process as efficiently and effectively as possible.

More Efficiency. Less Frustration

Digitalizing the client experience benefits everyone in the system. It enables financial institutions to put clients at the very heart of the client lifecycle, encouraging them to find new ways to transform their interactions with them by leveraging a combination of different technologies – such as communications technologies, robotics, artificial intelligence and machine learning.

All of this automates and removes a lot of wasteful and redundant processes, enabling financial institutions to refocus resources, time and effort away from manual tasks and towards the value-add i.e. where in the process can we add a ‘golden moment’ experience. Lining up these golden moments delivers a great client experience.

By transforming back-to-front office processes with greater efficiency and effectiveness, digitalization can break down the silos between business lines, processes and technologies, and create better control and visibility over the end-to-end lifecycle. A more efficient organization means a better customer experience. If you can onboard a client in days instead of weeks or months, then everyone wins.

When designing a truly digitalized and optimized client lifecycle experience, financial institutions should start with the business users, processes and clients themselves. Technology is nothing more than an enabler. It’s about understanding the underlying business processes and to know exactly where technology can add real, transformative value. This involves having people on the ground working with compliance, data and technology experts in financial institutions and understanding what they need and want from technology to deliver a client-centric, value-added competitive advantage.

In the end, digitalization of the client lifecycle process means happier customers and the optimized processes translate directly into bottom line value for financial institutions.