The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Expert Advice on the Implementation of Client Lifecycle Management

Financial institutions implementing client lifecycle management solutions are challenged by working across departments, poor data quality and sourcing required data – but despite these challenges, once implemented these solutions can provide significant operational and business benefits.

The challenges and benefits of implementing client lifecycle management were discussed during a recent webinar covering best practice solutions. The webinar was moderated by A-Team Group editor Sarah Underwood and joined by experts Andy Simpson, head of client data and operations at ICBC Standard Bank; Mark Davies, managing director at DTCC and general manager at Avox Data Services; and Joe Dunphy, vice president of product management at Fenergo.

An early poll of webinar participants on the implementation of client lifecycle management systems showed 40% of respondents implementing in-house solutions, 20% in the planning stage, 15% implementing vendor solutions and 10% having not yet made any progress.

With the scene set on implementation progress, the panel discussed the business and regulatory drivers behind the need to improve solutions, noting particularly the cost, inefficiency and partial manual operation of many existing systems, as well as the regulatory requirement to ensure client data is correct on an ongoing basis.

As well as these challenges, a second poll showed firms tackling problems including working across departments, poor data quality and sourcing required data when implementing client lifecycle management solutions. The panel also highlighted the challenges of data gathering when not much required data is in the public domain, sequencing such a complex process, and dealing with increasingly difficult data privacy issues.

Proposed solutions included centralising data for client lifecycle management, writing configurable business rules that can be adapted as business and regulatory requirements change, automating processes and ensuring capability to scale. The panel also noted the need for high quality entity data that is frequently reviewed and renewed when necessary.

The business and operational benefits resulting from a successful implementation include improved customer service and loyalty, reduced inefficiency and cost, and less data reconciliations as a result of sharing the same data across the enterprise.

To find out more about:

  • Challenges of client lifecycle management
  • Requirements for high quality entity data
  • Best practice approaches to implementation
  • A practitioner’s perspective
  • Business and operational benefits

Listen to the webinar here.

Related content

WEBINAR

Upcoming Webinar: FINRA CAT CAIS: What to Expect – Giving Regulators Full Access to Your Customer & Account Data

Date: 3 November 2021 Time: 11:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Join n-Tier and a panel of industry experts to discuss implications of the SEC’s Consolidated Audit Trail (CAT) Customer & Account Information System (CAIS) Phase 2e. The initial phase of CAIS was the start of a new era for...

BLOG

Alveo Integrates ULTUMUS Index and ETF Managed Data Service with Prime

Alveo and ULTUMUS, an exchange-traded fund (ETF) specialist, have partnered to bring together Alveo’s data mastering solution, Prime, and ULTUMUS’s global ETF and index managed data service. The partnership aims to enable Alveo customers to integrate index and ETF information more quickly, and allow ULTUMUS’s clients to enhance their data mastering and data integration capabilities....

EVENT

ESG Data & Tech Summit 2022

This summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Regulatory Data Handbook – Second Edition

Need to know all the essentials about the regulations impacting data management? A-Team’s Regulatory Data Handbook is a great way to see at-a-glance: All the regulations that are impacting data management today A description of each regulation The impact each will have from a data and data management perspective Messages from sponsors with products related to...