Rolling out our Client Lifecycle Management solutions in Asia

“We are a client lifecycle management (CLM) firm that is centred around an industry-leading CRM” Gamble begins.“ End-to-end CLM is only possible with a strong CRM. Without the correct storage of prospect and client data, they cannot start to contemplate efficient digital onboarding, let alone machine learning and AI.

Many institutions have not mastered this, and have data stored across multiple different systems and in different data models. In this case, they can forget AI is never going to work to its true potential. In other words, there needs to be a focus on getting the data foundations right. Once that’s in place, the exciting innovations can be deployed.”

Dominic Gamble, Head of APAC at Wealth Dynamix

From the first touchpoint

To summarise, he explains that Wealth Dynamix’s product, called WDX1, starts with prospecting. “From the very first touchpoint that an institution has with a prospect. For example, a private banker meeting a high net worth client at an event, making the data capture robust but also really simple for the advisor is key. In addition, the advisor is then able to scan that business card through his or her phone, or leaving meeting notes via speech that WDX1 transcribes to text. This is an example of a user experience that advisors love. It makes their life a lot easier. But crucially it creates a prospect record in the CRM and the data capture journey begins from there.”

Every scrap of data then on that prospect then gets fed into a marketing suite that is offered as a module of WDX1, including tools such as campaign management, workflow rules, email and messaging automation and lead scoring. “Then,” Gamble expounds, “every interaction between the prospect and the institution, whether by email or message, accepting or rejecting event invitations, discussing likes and dislikes, digital savviness, whatever it is, then is stored against the prospect record which then powers and nurtures more tailored marketing. In short, it means the institution will convert more of their prospects and will reduce their cost of acquisition.”

‘Capture-once-use-many’ 

One of WDX1’s key advantages when it comes to boosting operation efficiency, is the ‘capture-once-use-many’ philosophy, Gamble elucidates, explaining that the product’s modular journey has huge advantages when it comes to digital onboarding. “If those steps are handled properly from the outset,” he says, “client onboarding becomes somewhat easier because it is just another sequential and integrated step in the client lifecycle. Forms are prepopulated and the client does not need to start rekeying, which is a waste of time and resource. So, we facilitate the digital onboarding the orchestration of all the KYC going out to third party companies, all automated, the orchestration of all the workflows internally.”

Whilst the advisor is completing the account opening forms, in whatever format, the information is available in the Wealth Dynamix system real-time. Subsequently, real-time tasks are allocated across all the teams, which in turn dramatically compresses account opening times, he says. “This is a huge pain point for private banking in Asia,” he adds. “For lower wealth segments, such as priority banking and wealth advisory, onboarding itself is less of a pain point, but the integration of onboarding to the prospect journey and client journey thereafter, is where we make the difference.

Piloting the client

And the next step, he explicates, is about making all that information on the client productive. “We do that by building personas using the data and that can then result in tailored recommendations to clients,” he reports. “Advisers can sit at their desk, get alerts from the system on what products are suitable for this client, which incidentally we call ‘talking points’.  It both increases conversion rates and makes clients feel happier. This client management cockpit – all of the emails, the activities, the tasks, the appointments, recommendations – for the day are all sitting in that suite.”

Gamble closes his overview of Wealth Dynamix’s solutions with what he terms the final bit of the jigsaw, servicing. This involves seemingly mundane tasks such as changing a client address, updating their records, making a transfer payment request and so forth.

“This is the really simple day to day stuff that can often cause so many headaches,” he observes. “We have a client that had incorrectly marked an Austrian down as an Australian and it took months to correct it, whereas in our system that would just never happen, as it is allocated across the operations, legal and compliance to check. These seemingly petty changes can cost so much time, headache and money.”