A new digital age – friend or foe?
In the new digital era we live in, clients have heightened expectations often fuelled by comparisons to tech advancements in other industries. Fragmented middle and back office processes and the reliance on ad-hoc spreadsheets mean customer expectations are often not met yet continue to erode margins.
With increasing pressure from regulators, the cost of compliance for many is also becoming unsustainable. Ageing legacy systems serve to fuel the problem as they are central to the business and its operating model. These systems need to be able to scale, accommodating growth and change whilst improving the client experience.
It is not surprising then, that many are seeking more sustainable ways to manage the end-to-end client lifecycle management process.
Navigating the obstacles
To remain competitive, a major shift is taking place.
Continued pressure from regulators, clients, and the need to scale has forced the financial services industry to recognise the need to simplify processes and create enhanced visibility across the clients’ overall lifecycle.
It is no wonder that more emphasis is being put on automation technologies that can intelligently glue disparate legacy systems together. The ability to extract data and present it on one interface, connecting all stakeholders via a single view of clients across business lines and jurisdictions is key.
Unlocking the potential with automation
Extending digital automation through the middle and back office can help your business become more agile, improve efficiencies and support growth.
Identifying and reimagining end-to-end processes using automation in your customer lifecycle management offers numerous benefits:
- Client centric – enhancing the customer journey
- Operational scalability whilst maintaining sustainable commercial model
- Streamline and reduce onboarding process; twice as fast, half the cost
- Maintain data privacy regulations and compliance standards whilst decreasing costs
- Timely reporting from multiple sources
- Consolidate existing legacy systems through ‘intelligent glue’ – one user application
- Incorporate spreadsheet data into straight through processing (STP) avoiding human error
- Improve data management for a 360degree view of the client
- Increase revenue growth through up-sell opportunities.
- Drive new products and services to market
Future proofing your business
Every business is different, that’s why our consultative approach ensures you get the right solution. By carrying out a front to back assessment of your client lifecycle management processes we can identify opportunities where you can enhance and optimise your workforce through intelligent automation.