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Delivering a Superior Client Experience with Integrated KYC & CRM

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For financial institutions, delivering a seamless client experience while managing complex regulatory obligations is crucial. The recent Integrating CRM & KYC for Better CX webinar, featuring thought leaders from Salesforce, Synchrony Bank and Fenergo, provided valuable insights into how financial firms can align customer relationship management (CRM) with Know Your Customer (KYC) data to enhance client onboarding and retention. The following blog delves into the key learnings from our panel of industry thought leaders. 

About the panellists: 

- Tracey Moore, Director of Thought Leadership and Regulatory Affairs, Fenergo 
- Greg Blausey, Senior Director, Banking Industry Solutions & Strategy, Salesforce 
- Uday Kiran Bolusani, Investment Operations Leader 
- Enton Nikaj, VP of Third-Party Governance, Synchrony Bank 
- Garry Teekah, Senior Manager Market Development, Fenergo 
 

Balancing Compliance and Client Expectations: 

Financial institutions (FIs) face a variety of challenges during onboarding, many of which arise from manually intensive processes and a lack of automation. According to Enton Nikaj from Synchrony Bank, the issue lies in the tug-of-war between regulatory compliance and client satisfaction. "You need to have a centric design that allows a seamless customer experience across the organization," he noted. 

So, what does this mean for financial firms? The onboarding process is often disjointed, with data fragmented across different departments, leading to inefficient processes. According to the panellists, client data needs to flow seamlessly across marketing, sales and compliance functions, but this rarely happens due to silos. 

This lack of cohesion can not only frustrate clients but also introduce risks, as information silos hinder the smooth flow of data. Nikaj notes that this “friction can lead to increased customer abandonment”. This is where the integration of CRM and KYC can play a pivotal role, enabling firms to centralize and streamline client data while ensuring compliance. By joining these two systems together FIs can create a strong case management system for understanding their clients. 


Breaking Down Data Silos with Case Management 

Case management allows FIs to create a single source of truth for understanding clients through a complete client view. This is enhanced when CRM data is integrated effectively with KYC data to provide the most up-to-date overview of clients and reduces swivel-chair activity between systems. 

Data silos and legacy systems are two of the most significant obstacles to streamlined client onboarding. Uday Kiran Bolusani, Investment Operations Leader, stressed the importance of developing a data strategy that integrates across departments and gives firms a single client view. As Nikaj puts it, “A 360-degree view of a client is invaluable,” to all stakeholders across an organization. 

Fenergo’s Garry Teekah echoes this point, stating “If I have visibility of client data in my CRM or within my workflow tool, there’s a single source of truth”. 

Many institutions still rely on outdated systems, which complicates onboarding. These legacy systems force firms to rely on manual workflows, which introduce risk and inefficiency. Firms need to adopt scalable technologies to replace legacy systems. By integrating CRM systems with KYC, firms can reduce their reliance on outdated systems, minimize manual input, and ensure that client data is both accurate and up to date. 

Greg Blausey from Salesforce notes, by integrating your CRM and KYC systems, “You get a better understanding of your customer and you’re in a better position to serve your customer and grow the relationship”. He adds, “There’s a lot of efficiency to be gained when we centralize data because there’s data reuse.” 

 

Seamless Integration: The Key to Successful Technology Adoption 

While adopting new technology is essential, the webinar panellists stressed the importance of a measured approach. Firms need to ensure that technology integrates seamlessly into their operations without disrupting client relationships. 

For financial institutions, this means adopting technology that aligns with their specific operational needs, while also allowing for future scalability and flexibility. Legacy systems can no longer keep up with the demands of modern financial services, especially as regulatory landscapes shift and client expectations grow. By investing in scalable solutions, firms can ensure that they remain agile, ready to adapt to new regulations. 
 

Putting the Client First: A Human-Centric Approach 

While technology is undeniably important, the webinar speakers agreed that a client-first mindset is what ultimately sets successful firms apart. Bolusani put it succinctly: “The human experience is so key. Ultimately, you’re trying to provide a product and service to your clients, who are humans.” 

For financial institutions, this means leveraging technology to enhance, rather than replace, human interaction. Clients expect a seamless and personalized experience, and while automation can streamline processes, it’s the human touch that builds lasting trust and loyalty. As Blausey noted, “It’s not about technology-first; it’s about thinking about the humans on the other end of that technology and putting people first.” 

 

Key Takeaways for Financial Institutions: 

  • Leverage Automation
    Automating KYC processes can significantly reduce onboarding time and ensure compliance. 
  • Break Down Data Silos
    Centralizing client data across CRM and compliance functions will streamline client journeys and improve operational efficiency. 
  • Adopt Scalable Technology
    Replace legacy systems with modern, scalable solutions that support automation and evolving regulatory demands. 
  • Client-First Approach
    Focus on providing a seamless, personalized client experience throughout the lifecycle, leveraging technology to enhance, not replace, human interaction. 

 Find out how to improve CX through case management here.