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Building Trust with Customers Around the World

Private banks, wealth managers, broker-dealers, multifamily offices, and universal banks face challenges in gaining and retaining clients. Financial institutions are engaging with clients in an era of margin compression, only succeeding by delivering outstanding journeys and experiences. Clients are struggling to identify the best financial offering for their goals, with a low level of differentiation throughout the financial services and a high level of fragmentation with new players entering the market. Client expectations have increased, and they expect their bank to fully understand their needs and be on their side every step of the way.
Organizations must move away from a one-size-fits-all approach and reinvent their offering to compensate for decreases in interest rates. They need to proactively advise clients by presenting the best-fitting solutions and being aware of life changes. By quickly adapting to shifting environments and changing circumstances, financial institutions empower clients to feel in control of their financial situation and to participate in a long-lasting and profitable relationship.

A Mosaic of Interactions

Empathic client lifecycle management supports different interactions modes across channels and allows to win customer trust and loyalty.

What Are Common Barriers to Successful Client Lifecycle Management?

Cumbersome Onboarding and KYC/AML

Disconnected technologies and systems lead to silos and data bottlenecks, resulting in numerous requests to clients to resubmit data and documentation. Financial institutions must orchestrate client data capture, storage, cleaning, and centralization to avoid duplicates and streamline the client journey.

“A negative client experience during the onboarding process has permanent consequences for the profitability of the long-term relationship between the bank and its client.”

Celent Report: Onboarding in Corporate Transaction Banking

Operational Impact

Client onboarding is the most relevant step to providing clients with an efficient experience from the very start of the banking relationship. But it is not the only impactful activity, especially considering that client data management affects operations on a larger scale. Banks should adopt technology to support client updates and event-driven maintenance, managing data with an intelligent operating model.


“Process automation and deep digital adoption could drive $15-20 BN of further cost reduction for wholesale banks.”

Increasing Regulatory Requirements

The growing demands of due diligence, requested information, and international cross-border privacy and protection regulations (MiFID II, Fidleg, GPDR) have increased client lifecycle management complexity. In some cases, this has also negatively affected customer experiences. By leveraging a 360-degree view of clients and all related parties, banks can improve transparency, clarity, and traceability across accounts, jurisdictions, products, and lines of business. This guarantees compliance throughout the client lifecycle.


“Bain & Co estimates that Governance Risk and Compliance (GRC) spend accounts for 15-20% of ‘run the bank cost’, and 40% of ‘change the bank costs’”.

Complex Customer Accounts

Today’s clients pose more challenges to banks due to their need for personalization, proactiveness, and control as well as their low financial literacy and decreased brand loyalty. Dealing with a diverse customer base, including mass affluent, HNW, and UHNW clients, banks have to overcome fragmented IT systems to engage clients according to their goals and needs, making sure to serve them across different segments and lines of business.


“53% of Millennials don’t think their bank offers anything different than other banks.”

What Do Your Clients Ask For?

Empathic banking

  • Understand emotional, behavioral, and environmental factors behind client decisions
  • Provide insights on financial health and planning
  • Anticipate and identify significant life events to suggest the next best action

Serving over selling

  • Offer clients what they care about on the channels of their choice
  • Provide real-time status updates related to products and services
  • Increase product value through contextual upsells

Technology and the human touch

  • Humanize the digital banking experience through real-time engagement
  • Automate low-value activities and free up advisor time to proactively serve clients
  • Support clients in improving their financial literacy

No one-size-fits-all

  • Align recommendations with clients’ personal goals
  • Offer products and services beyond banking
  • Provide relevant, convenient, and transparent experiences

Client Lifecycle Management Done Right

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