General Data Protection Regulation (GDPR)
Global and Fund Custody Selection
Interim Management & Recruitment
Market Entry (Vendors & Service Providers)
Market Entry (Wealth & Asset Managers)
Operating Model Design
Programme & Project Management
CRM & Client Communications
There are many systems available that provide an efficient way to collect and store client data, but that is only part of the picture. It is not uncommon for issues around CRM data to not be of a technical nature but to be caused by corporate cultural issues – replacing the CRM system or acquiring one for the first time may not solve all of the problems.
As CRM is also a key part of the overall client on-boarding process, it is important to get this right as it is usually the first experience that your client will have of your firm’s processes and procedures and slowness or frustration during on-boarding does not get the client relationship off to a good start. It is well known that providing good client service is becoming increasingly important, not just for retaining existing clients but for getting referrals and attracting new clients.
KYC, suitability, risk appetite and AML are also an important aspect of the client on-boarding process and there are now some very good systems that have been specifically designed to support this.
As well as fulfilling regulatory obligations, CRM systems also provide very useful tools for management and marketing purposes. For example if your firm wants to organise a golf day within 30 miles of a golf club for client relationships with more than a certain value then a CRM system would be able to provide this information very quickly and easily, or if you as a firm needed to know all clients who do or do not hold a particular product then this would also be easy to find out from a CRM system.
IAWMC has good experience of CRM projects so please get in touch with us if you’d like to discuss how we can help you with your CRM initiative.
As subject matter experts and regular panel speakers on this topic our consultants are very well placed to assist you with your client communications initiatives, so please get in touch if you’d to discuss how we can help you.
Case Study – Private Bank – Ultra High Net Worth Private Bank
IAMWC was asked to consider three options: enhancing the in-house system; implementing an add-on CRM module to an existing 3rd party system; implementing a 3rd party CRM system
- Gathering and documenting CRM requirements
- Gap analysis vs current in-house CRM system
- Prepare, issue and score an RFI
- Present findings and recommendations, including potential business benefits
- Present IAWMC’s opinion on CRM market practice vs the Bank’s current CRM capabilities
Case Study – Offshore Private Bank
- The current state and pain points – broken down by department. This included a high level data quality assessment.
- An assessment of the current systems and technical infrastructure supporting CRM and document management.
- Recommended quick wins: Procedural changes, Staff training, Enhancements to the current systems
- We also provided a recommendation on how to move from the current state via an interim state to the future state. This encompassed recommendations for technical, cultural and procedural changes