Lifecycle-centric CRM for wealth management – an Appway solution for bridging the gap between the process world and CRMAn ever greater need to better know your customers and a high pressure to always increase productivity along with salesThe importance of CRM hasn't dwindled. According to Gartner's annual survey of more than 1,500 CIOs, CRM remained their No. 2 priority for 2009. Unquestioned is also the need to learn more about one's customers in order to develop stronger relationships and increase sales and customer satisfaction. The goal of CRM is to modify customer operations to ensure that customers are served in the best possible way all along their lifecycle. Today however, most CRM functionalities end where CRM-related activities begin and the client lifecycle would start. The information is gathered and stored but not leveraged to improve overall productivity and capitalize on improved customer relationships. Your client lifecycle managementProcess is fragmented and unsatisfactory. Prospect generation, client onboarding, compliance and review and account closing are all managed separately. The employee is confronted with several different IT systems and is not guided in the processes that he has to carry out. He inputs contact information in one place, starts an account opening process in another place and compliance reviewing in a third place. In a best-case scenario data exchange mechanisms between the different solutions exist and data input redundancies are reduced to a minimum. But Customer Relationship Managers still spend too little time with their customers.“Customer Relationship Managers spend an average of only 40% of their time contacting and servicing existing clients. They spend about 16% of the time on administration and error resolution – about the same amount they devote to prospecting and marketing.”Source: Survey PricewaterhouseCoopers (2009)Our Appway Lifecycle-Centric CRM SolutionYour overall productivity is improved by adding end-to-end processes to your contact management. Guided processes help you in prospect generation, client onboarding or compliance reviewing. It provides all state-of-the art BPM features like worklists, task assignment and collaboration.
Your employee will be confronted with one single portal and the solution will guide him when creating a new prospect and opening an account. Blacklist checks are done automatically and the approval tasks will be auto-routed to the appropriate teams. The activation of person-related data in the host system is done automatically by the system. The Appway lifecycle-centric CRM Solution automates the combined approach to implement a new process-centric prospect management and CRM system which can be integrated with other Appway end-to-end process solutions, in order to focus on the client all along its lifecycle.
Benefits
One uniform user portal for employees with single central contact data storage and integrated guided end-to-end processes
Increased value from your existing customers and reduced costs in supporting and servicing them
Enhanced process time and middle office requirement reduction because data is sourced where it is processed
More focus on the client with 360° view of the contact in the CRM portal and increased customer satisfaction
A solution with all state-of-the-art BPM features and the possibility to quickly and flexibly adapt it to new requirements
Context diagram and Appway solutions along the customer lifecycleThe solution architectureAppway interfaces (JDC) are used to store the processed data in standard databases and a ready to use API is provided. All major banking systems can be accessed with a bidirectional data exchange. Appway will also connect to Worldcheck or other name-matching systems for compliance checks of related information used for activities along the CRM process. Best Practice exampleWe supported the successful start of a private bank in Switzerland through the implementation of our Appway lifecycle-centric CRM Solution. The client’s focus is on delivering the best possible banking service quality with lean operations and thus in building up its subsidiary in Switzerland the goal was to minimize middle office employees, while providing a CRM tool that helped relationship managers (RM) focus on customers along their whole lifecycle with integrated end-to-end processes in its solution. Thanks to Appway’s lifecycle-centric CRM, middle office operations were built up with just one employee in 12 weeks and with the support of 2.5 Numcom Professional Services consultants. In the words of the COO in charge: “We want our employees to be focusing mainly on interpersonal client contact. Therefore we need a simple and process supporting front application - a portal that steers tasks and manages pending items. Appway in collaboration with our employees has developed a solution that provides us a huge support in our daily workload.”
