Nowadays, businesses are facing a tsunami of processes that need their attention. Because of that, they often overlook some areas of their work. That’s why, as the glue that pulls everything together, Client Lifecycle Management (CLM) systems are becoming a new standard, making it possible to support clients throughout their entire lifecycle.
By definition, CLM is a system that gives businesses control to manage the client’s journey from onboarding to offboarding. It is essentially a case management system—homegrown and off the shelf—that links the front office CRM, where customers are managed, to the back-office, with its internal KYC processes.
A CLM toolkit puts customers in the center of a single system and does all the work that needs to be done for these relationships, going beyond onboarding and KYC. Businesses use CLM systems to onboard, risk assess, and monitor customers while automating all client-related phases.
A correctly chosen and implemented CLM toolkit has the potential to improve the experience for both clients and grow bottom lines—let’s see how exactly.
As an example, banks and payment processors often have several different siloed systems in the back office. By using CLM tools, businesses are able to remove this disjointed work that happens across processes (manual, third-party, etc.) and systems, putting the customer at the center of this unanimous ecosystem.
Companies tend to have the same goals: manifesting a frictionless end-to-end user journey, a premium customer experience, and a high operational efficiency. So, let’s talk about the plan that businesses need to draw up when starting to work with a CLM tool.
If you are thinking of adopting a CLM system—you’ve taken the first step, and that’s good, but there is a lot to consider if you want to quickly identify your needs and build the ecosystem that will benefit your business the most.
Make sure to define processes and subprocesses in line with onboarding needs across all areas of the business. Ask yourself if you can modify your business processes for the better.
Institutions use multiple applications for client data capture, data check, and validation—all of which can be rationalized into a single system.
The right rules will allow efficient client data validation, compliant data processing, and record keeping standards to be built into a centralized system easily.
Manage documents better by institutionalizing the process.
Interface is what clients see when interacting with your system. Here, the ability to present information and set the flow in an efficient and helpful way is an important touchpoint.
All in all, for ultimate efficiency, companies must look for trusted, scalable systems with pre-built rules and processes suitable for their business.