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StayinFront Identifies Latest Trends in Financial Services Customer Management

  • 29 April, 2008 17:23

<p>Eric Moore, Director of Sales and Marketing at StayinFront Australia, a global provider of customer management software and solutions, who spoke at the conference, said integrated technologies are playing an increasingly vital role in the way Private Wealth Management (PWM) organisations relate to their customers and differentiate themselves in a competitive marketplace.</p>
<p>Need to Leverage Existing Data
“Our experience shows that Private Wealth Management organisations want to leverage the existing customer data in their registry, financial planning and account-based systems to help meet their growth objectives, but are concerned about the potential stress and disruption associated with making wholesale changes to infrastructure,” Mr Moore said.</p>
<p>“Many are adopting an incremental approach to replacing core systems to minimise disruption of Funds Under Management acquisition and retention activities.”</p>
<p>Growing Focus on Business Event Management
In the pursuit of data integration, Mr Moore said financial institutions are looking for reporting and analytics systems that not only provide accurate reporting, but which can also monitor simultaneous business events.</p>
<p>“PWM organisations are seeking an automated mechanism that continuously reviews every transaction or group of transactions against the business rules filters to identify transactions that are relevant for reporting purposes and can deliver information to users in an actionable way.</p>
<p>“Most PWM organisations have access to business event monitoring through the abundance of data residing in their financial systems, transaction processing systems and CRM systems, but they need a clearly defined set of business rules against which the data can be compared and adjudicated, and which can be easily updated to accommodate changing market conditions.”</p>
<p>Defining and Supporting Complex Relationships
A further trend StayinFront has identified amongst its Australian clients is the need for customer management tools to support the complex relationships found in financial services where the same individual might have multiple roles and profiles.</p>
<p>“A high net worth investor might adopt specialist products through an adviser as part of a dealer group or may elect to acquire assets directly. Our experience shows that high net worth clients might adopt beta neutral, market tracking assets via direct channels, which highlights the importance of tracking and reporting on this activity since share of wallet concerns might arise as a result.</p>
<p>“For those institutions offering a range of investment products, understanding the current product mix of the investor’s portfolio may highlight opportunities for reinvestment, while aggregating information across customer groups could reveal opportunities to create a product to address a gap in the market,” Mr Moore said.</p>
<p>About StayinFront
StayinFront, Inc. is a leading global provider of enterprise-wide customer relationship management (CRM) applications, decision support tools, data services and eBusiness systems. StayinFront offers rapidly configured and implemented solutions and services to manage and integrate all points of customer interaction including sales, marketing and customer support.</p>
<p>StayinFront's flexible product architecture, object-oriented data modeling and range of deployment options provide an "exact fit" solution to help drive business processes, better manage the administrative functions of the system and lower ongoing costs of ownership.</p>
<p>Headquartered in Fairfield, New Jersey, StayinFront has offices in Australia, India, Ireland, New Zealand, Singapore and the United Kingdom. The company can be contacted via the web at</p>
<p>For further information please contact:
Linda Mathieson StayinFront Group +61 2 9900 1100
Shuna Boyd BoydPR +61 2 9418 8100</p>

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