Customer Lifecycle Management (CLM) Solutions

SOLUTIONS — CUSTOMER LIFECYCLE MANAGEMENT

Optimize Customer Lifecycle Management

Speed up once-manual operations such as customer documents processing, avoid backlogs, and provide superior customer service – creating a faster and more customer-driven operational model.

Customer Lifecycle Management is overloaded with unstructured documents

Financial institutions (FIs) invest in digital experience for many reasons, and none is more important than attracting and retaining satisfied customers. Yet, while many FIs have digitized customer interfaces, the most time-consuming and error-prone work – extracting and matching data from documents and updating systems of records — is still done manually. This degrades the customer experience (CX), slows account opening, and generates quality and compliance errors in back-office operations.

Manual operations make up 50–75% of all CLM work, resulting in inefficiencies that drive away customers:

On average, 7–15 days of added onboarding time per corporate customer, and 1–3 days per retail customer
40% rate of dissatisfaction with customer service among corporate customers
Annual retail customer churn rate of 15%

The cost of manual processes is higher than ever, as modern banking competitors offer simpler access to banking services, without the complexity and manual work of traditional FIs.

Intelligent Automation streamlines CLM operations

More banking operations leaders are turning to WorkFusion’s Intelligent Automation (IA) to improve operations with documents and systems of records across the customer lifecycle.

Applying the IA layer across CLM operations enables financial institutions to speed up once-manual operations such as customer documents processing, avoid backlogs, and provide superior customer service – creating a faster and more customer-driven operational model.

WorkFusion solves key sticking points across the customer lifecycle:

Automatically processing, categorizing, and routing customer communications to manage the outreach process;
Intercepting data and documents, extracting key information from documents of various templates, and feeding the BPM and document repository layers;
Routing client information to screening engines and risk-rating systems, etc., all in near-real time.

Through machine learning (ML), the IA continuously learns and improves automation rates and accuracy.

End-to-end process automation is made possible with the combination of our Intelligent Automation capabilities:

Pre-built intelligent automations

Include deep understanding of industry document types, applications and other details of use cases. Can be used ‘as-is’ or calibrated using just a handful of documents for your specific use case.

Document Intelligence

Handles 100% of structured and unstructured documents processing, from document ingestion to data validation, without the need for third-party IDP tools.

Intuitive human-in-the-loop interface

Enables knowledge workers to directly manage exceptions and add to the system’s knowledge as part of their usual work, without the need for data scientists or engineers.

Tailored analytics and model risk management

Empowers operational leaders to maximize automation value, providing actionable insights into SLA and KPI tracking, model governance, and automation accuracy.

Continuous Learning Framework

Prevents performance erosion of automation solutions over time and ensures non-stop improvement in their accuracy, automation rates and ROI expansion.

Intelligent Process Automation

Provides a holistic approach to automation, its management on the enterprise level, and scaling across different lines of business.

Industry Insights

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