Do frontline staff end up spending more time updating CLM systems than talking to clients?

In wealth management, is there a risk that frontline staff end up spending so much time updating client lifecycle management systems that they have less time to speak to clients? 

This question was raised at a recent webinar looking into the challenges around onboarding solutions implementation. Watch Antony Bream, our MD – UK, Northern Europe & Americas share his thoughts on the subject with our Marketing Director, Lucy Heavens.

Video transcript:

Hi Antony, we recently held a webinar around onboarding implementations. We had some fantastic questions from the audience, so I’m going to cover one of those today with you. The question was: do frontline staff end up spending a lot of their time simply updating client lifecycle management systems resulting in less time spent actually talking to clients?

It’s actually the opposite. We’ve meticulously designed our user interface, the forms. the fields that an advisor would use – or anybody in the organisation would use, whether it’s support teams, the front office to really improve and simplify and minimise the number of forms and fields that are necessary to allow someone in that specialist role to enter in the data that’s needed, or get the data out that’s needed. So traditional CRM platforms are very much built for sales channels. But of course, wealth management, private banking are very specialist sales channels in some respects.

So we’ve spent a lot of time over the past nine years looking at very closely sitting down with our customers to minimise the number of clicks necessary to add information into a CRM, amend information or retrieve information back.

I’ll give you an example where we spoke to one client recently where with their existing CRM it would take their private bankers seven clicks just to tag an interest or a hobby against one of their clients or prospects. Now in our software, that would be no more than two clicks.

Our whole premise has been how do we help solve the problem of time, time spent on admin, manual processes, retrieving, looking for, finding, understanding data? We’re very much focused on how do we help save that time so that you can get the data that you need at the point that you need it. In context, start to analyse and think about that data from the insights and then act upon it.

So we don’t require any more additional steps from front office teams. In fact, we actually require less clicks of the menu. if you like. to get that data, to then also make the next best suggestion to the client from that.

So it’s actually the opposite way around. They save time rather than spend more time through the way that we’ve designed the product.

Watch the original webinar where this question was raised below.

 

Share

Wealth Dynamix delivers Client Lifecycle Management solutions to the world’s leading private banks and wealth and asset management firms.

READ OUR INSIGHTS

TWM Swiss WealthTech Landscape Report 2022

22 November 2022

TWM Swiss WealthTech Landscape Report 2022

Is your firm well equipped to adapt to the growing trend of External Asset Managers? Across Europe, the rise of the EAM is a trend that couples huge potential gains but adds complexity for banks and wealth management firms. Without a CLM you could be missing out on a bridge to increased revenues and reduced costs.

3 min. read

10 years in the making  – Introducing our latest e-book, 10 Reasons to Choose Wealth Dynamix

10 October 2022

10 years in the making – Introducing our latest e-book, 10 Reasons to Choose Wealth Dynamix

Discover the ten-fold benefits of an end-to-end CLM solution built by wealth management experts with our latest e-book.

3 min. read

Outsourcing And Other Wealth Firms’ Challenges: The View From Two Players

29 September 2022

Outsourcing And Other Wealth Firms’ Challenges: The View From Two Players

Tom Burroughes, Group Editor for WealthBriefing recently interviewed Gary Linieres, our CEO & Co-founder about his views on outsourcing, the current requirements of firms and the benefits of change.

3 min. read

Sign up to our Newsletter

GET THE BROCHURE
Client Onboarding