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Reimagining Client Engagement: The Expanding Role CRM

The purchase last week of Salentica by SS&C Technologies, the parent of Advent and Black Diamond, is further evidence that CRM has become a critical component of a comprehensive wealth platform. We believe the embrace of CRM by platform providers will continue and that innovative technologists will build on existing solutions to expand the role of CRM in client engagement and management.

Consider a couple of other recent announcements.

In late September, Salesforce introduced Einstein, an AI solution to be integrated with its already robust CRM platform. Working on an

ever-expanding data base of client information, Einstein is designed to learn client preferences, activity patterns, and shifting needs. Based on this knowledge, it responds through interactive dashboards and portals, signaling service professionals of client status and outlining for them optimum courses of action to meet client needs, expand and deepen relationships.

And just this week UBS announced a partnership with Amazon to use its Alexa service as a client engagement tool. Through Alexa, UBS clients will be able to get the answers to financial and economic questions simply by asking. This tool is mirrored by the introduction of Erica by BOA Merrill Lynch, that will act as a virtual assistant to answer client account questions and project potential needs. Both of these tools will leverage increasingly rich CRM databases to engage and serve clients and support client facing professionals.

In recent years, technology has become an integral part of wealth management significantly improving back and middle office operations. Now, technology is focusing increasingly on reengineering client engagement which may in the end bring even greater rewards even if disruptive in the near term.