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Expert Advice on the Implementation of Client Lifecycle Management

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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.

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