Customer lifecycle management – riding the sea of change
November 10, 2020
Just as a breath of normality was beginning to set in, with many still bearing the scars from the first lockdown, here we find ourselves as a nation reluctantly moving into round two.
The first wave certainly opened our eyes to areas of business which we once thought to be stable. As businesses quickly switched to a new remote way of working, cracks began to show, and ageing legacy systems began to creak under the strain. They simply were not made for the new digital world we suddenly find ourselves in.
So where does that leave us for wave two?
Bump in the road
For many asset management companies, this has highlighted the gaps not only in their own legacy systems, but that of their network. The journey for their customer lifecycle management is not the smooth seamless road that clients have come to expect.
Fragmented middle and back office processes, alongside a disconnect between various internal and external stakeholders have resulted in lengthy and time-consuming onboarding processes, with data held between numerous systems. With no single view of the client or their portfolio, opportunities for growth are hindered.
Regulatory compliance has slowed operations further. With data sources held across multiple regions, portfolios, and markets, many find reporting and evidencing on risk management is becoming more complex, eroding margins at an unsustainable pace.
Influenced by the digital advancements from other industries, the pressure from regulators and heightened client expectations have accelerated the need for digital transformation within the financial services sector.
The waves keep rolling
With so many digital technologies out there, finding the right one to meet your needs can be daunting. You need a solution that not only fits your challenges today but one that also meets your future requirements.
Replacing legacy systems is expensive and risky. By the time you have implemented them, they are already somewhat out of date! You don’t want to commit to a big investment but you want a quick return, so choosing a solution which is agile, easy to design and fast to implement is essential.
So, what’s the answer?
Reaching the final destination
Automation technologies that can intelligently glue disparate legacy systems.
By linking existing systems together, you enhance the customer lifecycle by connecting the data held within them and presenting it on one single user interface, accessible by all stakeholders. What’s more, automating processes helps eliminate human error, collating spreadsheets from numerous sources will be a thing of the past.
This improved data management presents a 360-degree view of the client and their portfolio enabling you to up-sell opportunities, maintain data privacy regulations and compliance standards whilst decreasing costs.
Automation technology also enables you to drive new products and services to market in a fraction of the time it would take on legacy platforms. This ease to market allows for sustainable growth at a minimal comparable cost – maintaining and growing margins.
Partnering with a company who understands your operational challenges is key to a successful project.
At psKINETIC, our team combine expert working knowledge of Appian software with specialist industry experts.
Want to discuss how Intelligent Glue can help you automate? Contact Us:Financial Services:
Web: https://pskinetic.com/markets/insurance/About psKINETIC
For over 10 years www.pskinetic.com has delivered intelligent automation to customers ranging from large multinationals to mid-size enterprises. We use a number of leading automation and reporting tools, including www.appian.com, www.blueprim.com and PowerBI. Our headquarter is in London and we have a team in India.
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