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May 06, 2024

Reimagine client lifecycle management in banking

Credera Team

Credera Team

Reimagine client lifecycle management in banking

Generative AI and other emerging technologies can deliver significant new value to the banking sector, across banking operations, especially in client lifecycle management (CLM).

Imagine a banking customer interested in exploring investment opportunities but overwhelmed by the abundance of options available. So, she seeks assistance from her bank, which offers her an AI-powered tool that analyzes her risk profile, investment goals, and financial preferences, and presents a curated list of investment options customized to her needs. It also provides detailed information about each product’s features, risks, and potential returns, and alerts her to new investment opportunities or special offers that align with her profile. With these customized recommendations and proactive guidance, the bank can offer the customer a delightful experience and foster long-term customer loyalty.

Generative AI and other emerging technologies can deliver significant new value to the banking sector, across banking operations, especially in client lifecycle management (CLM). Banks can leverage these technologies to transform client relationship management from end to end, from the very first interaction with a potential client to customer onboarding, servicing, engagement, and retention.

Let us explore how the banking sector can reimagine CLM to deliver personalized, proactive, and seamless customer experiences.

CLM NextGen also supports the Foreign Account Tax Compliance Act (FATCA), Asset Liability Management (ALM), Common Reporting Standard (CRS), and credit checks for new clients.

Compliance management

Compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations is critical for the banking sector. Adhering to these regulations demands an approach that integrates advanced analytics, workflow automation, and a unified data platform. This approach will help banks automate regulatory reporting processes, cross-reference vast volumes of data with regulatory requirements, and promptly identify and rectify potential compliance issues. It would help banks uncover patterns indicative of potential issues such as money laundering or fraud by leveraging risk models based on AI and machine learning algorithms. Instant alerts can be generated and sent to the appropriate parties, prompting swift action.

CLM NextGen, our Pega-based digital platform, is revolutionizing compliance management. It automates KYC refreshers and remediations for existing customers. Its dynamic KYC processes and configurable rules engine ensure compliance with the latest KYC and AML requirements. CLM NextGen also supports the Foreign Account Tax Compliance Act (FATCA), Asset Liability Management (ALM), Common Reporting Standard (CRS), and credit checks for new clients. With features like self-service capabilities for forms and documents, and Optical Character Recognition (OCR) technology for smart data capture, the platform provides a comprehensive and secure system that empowers banks to acquire more customers and manage KYC requirements.

Customer service

Customers access banking services through various touchpoints – mobile, branch, ATM, online, call center, etc., and expect responses in real-time through their preferred channel. Banks can leverage emerging technologies to create a seamless customer experience by ensuring that the customer journey is hybrid, and customers can smoothly transition across channels and devices, including mobile, web, email, chat, and co-browse, to complete transactions.

Frontline executives such as relationship managers, who interact directly with customers, can use generative AI-powered tools that can help with tasks such as investment ideas, sales, and product policies, almost instantly. They can synthesize all the client knowledge at their fingertips and share the next-best actions with the customer.

Our Pega-powered offerings transform how banks interact with their customers and empower them to provide differentiated services. We leverage AI to enhance in-branch interactions, elevate online banking platforms, and optimize customer care. Our solution for a large bank headquartered in Europe drew on historical data and real-time information to create a centralized customer repository, providing customer service agents with a 360-degree view of their customers. This enabled the agents to respond more efficiently, resulting in quicker query resolution and significantly reduced turnaround time for customer service.

Customer retention and customer lifetime value (CLV) maximization

Banks use artificial intelligence and machine learning models to analyze data and identify patterns to predict customer behavior more accurately. For instance, predictive analytics can help banks estimate how much money a customer will likely deposit. This information can be used to generate leads for new products or services, and offer tailored solutions to individual customers. Analytics can help banks identify opportunities for cross-selling and upselling based on their customers’ specific financial behavior.

Our Pega-based solutions harness the power of data-driven insights and reduce time-to-market, ensuring that banks’ offerings are agile and aligned with market demands. For instance, we used Customer Decisioning Hub (CDH), powered by advanced algorithmic decisioning and Al, to develop a solution for a large retail and commercial bank in Asia to develop timely marketing offers based on specific spends, payments or profile-based triggers.

Reimagine the future of your services with our solutions. We provide unified solutions powered by Pega to deliver exceptional onboarding experiences, integrate back-office and frontend systems to cut time to revenue, and facilitate rapid response to market and regulatory change.

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