Customer lifecycle management, without the stronghold

How to make sure technology doesn't become a barrier to operational efficiency - especially when onboaring new customers.

Posted by: 
Alexis Fox-Mills
Oct 1, 2019

Digital transformation is the watchword for COO’s trying to improve operational efficiency. It's important to stop using manual processes and optimise what we do through technology.

Operations can become more nimble, flexible and responsive with the right tech as an enabler.

But what happens if we introduce a software behemoth into our Customer Lifecycle Management (CLM) processes, and then we need to change those processes?

The tech that was supposed to make our lives easier has become impossibly hard and expensive to change.

Break the bind

Tweaking a CLM system because a policy or operational practice has changed should be a cinch, but legacy systems can put us in a bind.

Situations arise where operations teams would rather put up with something sub-optimal, or even bad, because it’s easier than reaching out to a provider, paying for a consultant, and going through a painful change request.

With newer, SaaS technology, it’s easier for us to flex and break that bind.

CLM with SaaS

With SaaS CLM solutions, processes can be adapted on the go as operational efficiencies are spotted or as regulation demands it.

Smart, no-code options mean suppliers or consultants aren't needed to manage alterations to workflows. And, costs are contained, because there are no extra charges for modifying the software.

Four ways to build strength

When it comes to CLM, and specifically onboarding new customers, there are lots of software options. So, what should we look for to get the right solution for our teams and our customers?

  1. Fast ROI. SaaS platforms are much quicker to implement into a business to realise ROI and operational efficiency. Instead of 6 to 9 month implementation times, we are looking at 6 to 9 weeks.
  2. Self-serve. Choose a provider with flexible, no-code options so processes and workflows can be edited on-demand. And extra cash isn't needed to change the tech already bought.
  3. Subject specialists. If we have an incumbent CLM, use that for the core infrastructure and integrate it with a specialist for onboarding who can provide the expertise and flexibility needed for this dynamic process.
  4. Great experiences. Collecting and validating the documents needed to onboard customers can be complicated. Look for a provider focussed on automating this and reducing timeframes to deliver a better customer experience.

Fortification, not barriers

Digital transformation needs to deliver improved operational efficiency – not introduce new problems for our teams to handle.

If we stop using manual processes and automate them, the specialist technology we choose should be flexible enough for continual change and optimisation.

In the quest for digital transformation, it’s important to be nimble and flexible and responsive, and technology is an important enabler. It should fortify our business process improvement, never become a barrier to it.

PassFortify customer onboarding journeys

PassFort helps financial institutions automate KYC, KYB, AML and other new-customer checks. Balancing customer experience with compliance.

If this is something we can support you with, please get in touch. Just email and we'll get right back to you.

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