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Icon Customer Lifecycle Management

Customer Lifecycle Management (CLM)

In the dynamic field of financial services, the efficiency and customer-friendliness of the onboarding process are of paramount importance for sustainable success. A seamless customer experience creates the conditions for a positive first impression, cultivating customer satisfaction and fostering enduring loyalty. It addresses various customer channel preferences (digital, hybrid or in person) without neglecting the fact that quality and time are critical success factors. Meeting these customers’ expectations, prospects are less likely to do business with your competitors. Furthermore, a streamlined onboarding process does more than just meet regulatory requirements and mitigate risks related to fraud and financial crimes. Well-tailored Know Your Customer (KYC) checks can also pave the way for further expanding on your knowledge of a customer or prospect. Establishing a sophisticated customer profile is key to the development of an all-encompassing customer experience.

How can this plethora of challenges be orchestrated efficiently and seamlessly?      

It is vital to look at onboarding as part of the overall Customer Lifecycle. Such an end-to-end perspective enables the design of efficient processes and paves the way for further automation or even AI capabilities. Making CLM a priority puts the customer at the heart of an institution’s target operating model, thus ensuring that every bit of the process is aimed at creating value for your prospective and existing customers.

The customer onboarding journey is not just a regulatory necessity, but a strategic imperative for financial institutions. By prioritizing innovation and efficiency, they can build lasting customer relationships, remain competitive and effectively navigate the regulatory landscape.

Client benefits

  • Higher customer satisfaction: Reduce process complexity and improve onboarding experience.
  • Higher prospect conversion: Excite prospects with a tailor-made product catalogue provided through clients’ channels of choice.
  • Increase transparency: Sophisticated and streamlined pipeline management allowing early understanding of future business potential.
  • Better process efficiency: Reduce process flow- and touch times with a “first time right” process approach.
  • Continuous improvement: Continuously monitor the process and immediately adapt inefficiencies. 

finalix contribution

  • Product Shopper: Discovery and design of a modularized product & service offering via selected channels (digital, hybrid, in person).
  • Process Potential Analysis: Maturity assessment of the current end-to-end CLM process.  
  • Process Review: Detailed analysis of the CLM process and outlines improvements. 
  • AML Risk Process Assessment: Detailed evaluation on KYC integration within Onboarding or the overall Customer Lifecycle.
  • Software Solution Evaluation:  Selection of the most suitable CLM solution and its embedding in the IT landscape.
  • Process Implementation: Process implementation and system integration with the core banking system.

Our experts

Adrian Hartmann 1
Senior Manager

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