Financial Services | CloudTech NZ

Financial services companies often struggle with a slew of legacy systems, disparate data silos, system integration headaches, complex reporting and manual efforts that frustrate users and increase business process cycles. Financial services CRM is all about KYC (Know Your Customer), onboarding, relationships, AML, and other processes that have no similar comparisons in other industries.

KYC is predominantly a risk mitigation technique designed to prevent financial services firms from being used, intentionally or unintentionally, for illicit or illegal activities. Know Your Customer processes are designed to verify client identity, adhere to regulations and comply with compliance measures such as anti-bribery, identity theft, money laundering and terrorist financing. The most common KYC processes focus on client onboarding (i.e. client identity), new policy onboarding and monitoring of client financial transactions.

Relationships - financial services firms recognise the household relationships among their customers – which results in a significant up-sell, cross-sell and improved client relationships. The householding process implemented using CRM can start simple. For example, show all clients with the same home details and apply a workflow and/or business rules to link those records. When an Advisor recognises a relationship between clients where terms or benefits can be shared then proactively share this insight to benefit the customer and increase loyalty.

Compliance - within the financial services industry is a lot like safety in the airline industry. Its non-conditional and even small deviations can produce devastating effects. Fortunately, compliance mandates can be facilitated with CRM applications. In fact, when client compliance requirements are embedded within the client management system, the processes can be automated using the data captured in the KYC and onboarding processes. This greatly accelerates cycle times, decreases manual activities and reduces the number of applications that then have to be integrated and managed.

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