Why Swiss Banks Should Make Client Lifecycle Management their SaaS of Choice

The overwhelming majority take between six and twelve months, meaning they miss out on first-to-market perks. In Switzerland, even with the impeccable organisation of bankers, it’s likely to take even longer as the regulations have been slower to allow Cloud-based innovations.

Straight-through-processing means products and decisions can be implemented quickly. Without waiting around or bumbling along, innovations hit the shelf fast with plug and play SaaS technology. CLM takes it one step further. By focusing on the client so intensely, CLM makes it easier for the clients to notice, find and navigate new products effortlessly.

Of course, another clear advantage of increased agility and efficiency will be the reduced carbon emissions. This plays well into what clients are looking for and can help gain a nod of approval from regulators or watchdogs too.

Minimal effort for maximum client impact

Legacy technology severely affects the profitability of banks. The issue is so prevalent, it’s been dubbed the “technical debt”. Spending unbelievable sums on maintenance is just the beginning. Where the banks have suffered even more is in glacially slow implementation, near-zero agility and processes which are rife with work-arounds, manual processes, and friction. What’s more, the missed opportunity cost of launching new products with a seamless online experience is eye-wateringly painful.

Much like an agile FinTech, SaaS CLM platforms undo the technical debt, by providing the best online customer experience with as little human interference as possible. Targeting potential customers, onboarding them, using algorithms to provide them with highly-relevant products and retaining them is done for the banks. And it’s completed at scale. So, significantly more customers can get the most cutting-edge service, at any time of day, without burdening human bankers or wasting their time.

This is where CLM really presents itself as superior. Putting the client at the very centre of the technology, the platform strategically focuses on gathering and retaining as many customers as possible.

The regulatory side should be taken care of too, by the CLM provider. The only time a banker may need to intervene is in a complicated case, where their expertise and experience is better suited than a machine. The CLM platform will flag up special cases on an easy-to-use dashboard, with all the data and information needed to make the decision.

The technology Swiss banks select will reveal their priorities

Being a little late to the Cloud party gives Swiss wealth managers a surprising advantage. Firstly, they have the benefit of hindsight, and can learn from the journeys of others. And secondly, as the range of service options to implement has increased, and they can select the crème de la crème of what’s available.

Now is the time for Swiss wealth managers to ask themselves what their service is about. Is it about merely updating the old way of doing things? Or is about providing world-leading exceptional service for clients? The type of SaaS model they opt for will reveal a lot about their priorities.

This is an extract of the Wealth Dynamix article “Why Swiss Banks Should Make Client Lifecycle Management their SaaS of Choice” from The Swiss WealthTech Landscape Report 2021. It’s a must-read for any Chief Operations Officer, Chief Technology Officer, Chief Customer Officer, Head of Client Service, Head of Relationship Management, or Head of CRM/Onboarding/KYC. Download your copy now to understand how CLM platforms delivered as SaaS gives Switzerland a unique opportunity to surge ahead, offering superior services at a fraction of the cost. Accelerating revenues and exceptional customer satisfaction could be effortlessly within reach.