Do wealth managers need to be wary of adopting new client lifecycle management (CLM) technology for fear that it opens them up to new risks and vulnerabilities?
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.
Hi Antony, we recently held a webinar where we discussed onboarding information. We had some fantastic questions from the audience, so I’m going to ask you one of them here today: does over-reliance on integrated client lifecycle management systems create any new, additional risks? So for example, could data that is used in automated processes be used after its shelf-life has expired?
Very interesting question actually. I think my take on that is very much the opposite. It reduces the risk significantly in terms of reliance on client lifecycle management, and there’s a number of reasons why.
First of all, we’re taking data from multiple systems and we’re actually taking that data out, we’re presenting it, we’re giving access to insights on that data. But we’re also allowing certain types of data to be amended back into the system. So by acting as that single point of contact and that single source of truth, if you like, we’re controlling what’s able to be modified, amended, and changed back into the master database – whether it’s the core banking system, the CRM system, or the portfolio management system. And we can put, and we do put, checks and balances around that. So looking at our data models, data integration with our clients, we always go through an exercise to map fields from our software to their underlying systems, and check the frequency of that data exchange, and the controls around it.
So for example, you may not want certain people in your company to see certain parts of your client data but other people can. So we can configure the system to allow that set of circumstances to be possible.
In terms of the data itself, we’ve got the ability to timestamp and audit trail all of the data that we modify, amend, work with, present to the client on the dashboard. And for example, we can always make sure that the latest version of the document is always presented as the latest version. We can also make sure that the data that’s being received and seen by maybe an advisor is the latest real time view of that data from the core banking system.
So we’re able to put checks and balances around the data as well to ensure that what the person is looking at is the right version of that data. Even if you want to go back through the audit trail to look at previous versions to do retrospective profiling, you’re able to go back down the audit trail and look at previous versions of that data as well.
Watch the original webinar where this question was raised below.
30 March 2021
Getting Client Lifecycle Management (CLM) right can be challenging… but it doesn’t have to be. Join our webinar to learn more.
2 min. read
25 March 2021
How do wealth management firms ensure close communication and collaboration across teams, even while working remotely?
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