Every financial firm is at a different point in terms of its CLM maturity, so technology solutions should have a configurable architecture that can meet any given firm’s specific needs. While some firms may be tempted to begin with a low-cost provider, they might be wiser to start with the end in mind, choosing a provider equipped to meet their eventual, longer-term goals.
Wherever they are in their CLM journey, financial firms should consider shifting to trigger-based, “automatic” KYC processes. These:
- Use forced digital channels for clients to submit their data
- Tap multiple third-party data sources to input or challenge data in the process
- Enhance risk identification during onboarding, reducing time to onboard
The integrated CLM/CRM approach delivers clear benefits, such as: