Financial institutions face an increasingly complex dilemma as a result of digital acceleration - balancing the expectations for more seamless customer experiences against the pressure to build better defenses against financial crime.
Optimizing customer lifecycle risk management (CLRM) processes - from onboarding to offboarding - is key to overcoming these obstacles, yet most CLRM frameworks are fragmented, resulting in numerous inefficiencies and tarnished customer experiences. To properly handle digital acceleration, CLRM frameworks must be fully integrated and data-driven, using advanced AI and analytics.
In this new Aite Group report, gain expert insights on the importance of elevating CLRM capabilities through data enhancement, technology, and process and workflow orchestration.
Key insights include:
- Transformation: How to progress to a superior CLRM model - increasing operational efficiency and sharpening financial crime detection
- Program building blocks: How to orchestrate fully integrated, data-driven, and analytical approaches to CLRM
- Unification: The value in having a CLRM framework under a single vendor ecosystem