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Don’t use the same CRM they use for Hospitality! Use Financial Services CRM

 “VerticalCRM will be the preferred CRM Choice in the next three years”1

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Vertical CRM: Because When Did One Size Ever Fit All?

Our CRM capabilities and features are targeted towards a specific set of users, job requirements, or departments within an organization.

How does NexJ do it?

In: Insurance
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For The Record, Continuous Deployment Can Lead To Continuous Benefits!

It makes perfect sense here too, because a Continuous Delivery Pipeline is nothing but a set of steps that code changes must go through to make their way to production. This Pipeline has four elements — Continuous Exploration (CE), Continuous Integration (CI), Continuous Deployment, and Release on Demand.

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Financial Services Need To Take Compliance Seriously Because The Benefits Are Very Real

We empathize. Really, we do. We are an award-winning software company thanks to CRM products that help financial services organizations globally, which is why we empathize the minute ‘compliance’ is mentioned. 

In: Finance
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Next Best Action: Smarter, Faster, And Really, Really Good For Business

Picture this: You, an advisor at a financial services firm, are interacting with customers. You have at your disposal an enormous amount of information related to their likes and dislikes, along with a comprehensive overview of their finances. 

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NexJ’s Dynamic, Flexible, and Centralized Security Model

The increasing popularity of internet banking and mobile access are paired with increasing regulation and scrutiny. This means both more possibility for issues and more consequences when issues arise. NexJ enables firms to manage and protect information with a robust, centralized security model.

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The Language Around Cloud (And Other Things That Drive Solution Architects Crazy)

I am often reminded of a specific parable whenever someone drops the words 'cloud', 'private cloud', 'hybrid cloud' or 'SaaS'. It's the one about the blind men and an elephant, who describe the animal based on which part of its anatomy they feel, then come to blows because they assume the others are being dishonest. 

In: Insurance
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Are You Ready For Open Banking? Because You Really, Really Should Be

A lot of people have the misconception that getting banks to change is like pulling teeth. It's a misplaced analogy, first because banks really are more open to embracing emerging technologies than most people think, and second because the last time pulling teeth was painful was probably around 1846, when the first successful surgical procedure was performed with anesthesia.

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Invested Users: Best Practices of Maximizing User Adoption, Part 3

In my last blog [Invested Users: Best Practices of Maximizing User Adoption, Part 2], I discussed NexJ's second set of three best practices for user adoption, and why planning, partnering, and encouraging leadership are crucial steps in the process of engaging your users with your CRM.

In: Finance
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Invested Users: Best Practices of Maximizing User Adoption, Part 2

In my last blog, I discussed NexJ's first three best practices of user adoption, and why developing, analyzing, and aligning are crucial steps in the process of engaging your users with your CRM. Today, I'd like to discuss the next three of the 9 best practices for user adoption, which are planning, partnering, and encouraging.

In: Finance
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Invested Users: Best Practices of Maximizing User Adoption

In a previous blog, I discussed how to measure your user adoption rates, and the effectiveness of comparing quantitative and qualitative results. Because users can log into your CRM system, without actually using it, it's possible to have extremely high quantitative results without having high user adoption.

In: Finance
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Next Best Decision Models

Some of you may be familiar with Next Best Action in the context of Sales & Marketing, where the consideration is which offer is most appropriate for which customer at a point in time. Extending Next Best Action to customer service seems a natural progression, considering the service representative is already engaged with the customer, and presuming the interaction went well, means extending the dialog with an appropriate offer. 

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NexJ: Delivering Industry Leading CRM

To deliver optimal value to our customers, NexJ leverages our vast experience in deploying our software at the most recognized financial services firms in the world, our strict focus on addressing the specific business needs of the sub-vertical markets within financial services and our fervent passion for innovation.

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The Great Wealth Transfer

In "The Great Wealth Transfer is Coming, Putting Advisers at Risk," an article in Investment News, they pointed out that 66% of heirs fire their parents' financial adviser after they receive an inheritance. Marketing Wiz's "The State of Independent Financial Marketing" whitepaper discusses how every day, $2 billion in assets move from Baby Boomers to Generation X and Generation Y heirs. Combining these two statistics paints a concerning picture for financial advisors. How can Wealth Management firms address the needs of these inheriting children, to prevent losing 66% of their asset base?

In: Finance
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Recapping CDAO: Examining the Transformation of Risk Management

Last week's CDAO presentation on Single-Family Data Governance & Management by Freddie Mac illustrated how traditional back office activities are aligning and impacting front office processes.  We continue our recap of lessons learned at CDAO with this week's focus on risk management. This April, we were delighted to attend as well as participate in the Financial Services-focused Chief Data & Analytics Officer conference in Boston.  This annual gathering brought together senior-level data practitioners in financial services to share their latest innovations, best practices, challenges and use cases.  The concept of monetizing or commercializing data assets is revolutionizing the Financial Services industry by using governed data strategies partnered with business initiatives to realize data-driven transformation benefits.

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Data Governance at CDAO Financial Services Conference Boston

This April, we were delighted to attend as well as participate in the Financial Services-focused Chief Data & Analytics Officer conference in Boston. This annual gathering brought together senior-level data practitioners in financial services to share their latest innovations, best practices, challenges and use cases.

In: Finance
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Experts in Our Field: NexJ Recognized as Leaders in Nucleus Research Value Matrix

Our hard work continues to get noticed as Nucleus Research, a global research and advisory firm, has once again recognized us as an Expert in their most recent CRM Value Matrix.

In: Finance
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AI in Financial Services: Work Faster, Better, and Smarter Today.

It’s interesting that artificial intelligence is such a hot topic these days because AI itself is not new. The concept of an ‘artificial brain’ was discussed by scientists in the 1930s. In 1950, Alan Turing created the Turing Test to distinguish machines from ‘thinking’ machines.

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Intelligent Customer Management – The Untapped Value of AI in Wealth Management.

It’s been astonishing to see the amount of media attention around Artificial Intelligence (AI) in recent months. From the dystopia of HBO’s Westworld to the hype of Salesforce's Einstein, we’ve been inundated with larger than life claims about AI and its abilities. 

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Operationalize Business Results with Semantic Modelling

The flexibility and cost effectiveness of Apache Hadoop was quickly recognized by many organizations as an effective delivery vehicle to empower business users with operational self-service query and analytic capabilities.  Many organizations established, or are presently establishing, data lakes for operational intelligence query and analytics capabilities for the field personnel who need them most, best understand the data, and are the most capable of actioning insights gleaned. 

In: Finance
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Data Lake Query Quality

Many organizations established, or are presently establishing data lakes as a cost effective means of provisioning operational intelligence query and analytics capabilities directly to the field personnel who need them the most, understand the data the best, and are the most capable of actioning insights gleaned.  Sounds like an ideal arrangement.  

In: Insurance
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Deciphering Vendor Speak, Part 3: ‘Increase Productivity’

Who doesn’t want their team to work faster? And not just faster, but better as well? It’s what we all want. That’s why ‘increasing productivity’ is a key driver behind many front-office system upgrades. It’s also the reason so many vendors promise productivity improvements. So how do you sort out the empty promises from the legitimate? 

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Quantitative or Qualitative - What Are Your User Adoption Results?

High user adoption rates reflect that your company's software investments are being appropriately leveraged, and ideally show that users are engaging with the system. To determine the effectiveness of the software at your company, you need to know your user adoption rates.

In: Insurance
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Querying the Data Lake

The Apache Open Source contributions to Hadoop are numerous and cover a broad portion of a reference architecture. It has been some time since we considered foundational low cost storage and in-place query capabilities. And as we saw in the "Data Lakes" blog posting, many organizations utilized this foundational offering.

In: Insurance
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Intelligent Customer Management in Commercial and Corporate Banking

In my previous blog, we discussed how Intelligent Customer Management applies to Wealth Management and Private Banking. This blog will do the same but for Commercial and Corporate Banking. If you read my previous blog, you’ll find the description of the mechanics familiar, even though the examples are tailored to Business Banking. 

In: Finance
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Intelligent Customer Management in Wealth Management

The power of AI at scale

In my previous blog, I introduced the concept of Intelligent Customer Management that we discussed at NexJ Client Day. Many of our Wealth Management and Private Banking customers were eager to discuss how it could explicitly apply to them. 

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Deciphering Vendor Speak, Part 1: ‘Better Understand Customers’

Whether you’re shopping for customer relationship management, customer engagement, business process management, or a customer insights platform, you’re bound to come across similar vendor promises. “We’ll help you better understand customers. Improve the customer experience. Increase productivity.”

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Wealth 2.0: Robots, Hybrids, and AI, OH MY!

It was a pleasure to attend the inaugural Wealth 2.0 conference in Canary Wharf, London, UK last week. The two-day event brought together industry leaders from some of the top wealth management firms including Barclays, BNP Paribas, Schroeders, Northern Trust, Rabobank and many more as well as robos like Wealthsimple, Nutmeg and PensionBee. Of course, innovators like NexJ such as SwissQuant and Addativ were there too.

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Intelligent Customer Management

In early November, we welcomed our clients to Toronto for NexJ Client Day. Clients got together to share ideas and discuss the future of Customer Relationship Management (CRM) within financial services. The theme of the day was Intelligent Customer Management.

In: Finance
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It’s All About the Customer

I know, I know… I’m always talking about how it’s the age of the customer and how everything revolves around the customer. Guess what? I don’t just talk about it, I live by it too. Last week, it was my privilege to host our 2017 Client Day here in Toronto. We were joined by senior business and IT leaders from many of our customers from across the globe, across the country, and down the street. 

In: Insurance
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Omni-channel to Omni-digital: The New Normal

PwC's 2017 Digital Banking Consumer Survey summary, "(Don't) take it to the bank: What customers want in the digital age," proposes a new segment of consumers they've called "omni-digital." They define omni-digital customers as those who "don't use physical channels like branches or call centers to interact with their financial institutions." 

In: Insurance
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Investing in Data Insights

In today's financial services and insurance markets, you have access to massive amounts of information from multiple sources about your customers. The Internet of Things has led to an exponential increase in data types and sources, and assembling that information into usable insights can provide powerful knowledge about your potential or existing customers. 

In: Insurance
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Looking Around - Seeing The Benefits of Our Approach To Enterprise Development

Sometimes when you step back you can really appreciate things that may have become routine. I did this recently with our enterprise-first development approach. As usual, we are busy adding capabilities to our products that will make our client’s solutions even more valuable and I’ve been almost too close to it. 

In: Insurance
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Digital Content Part III: Converting Social Posts

This is the third and final post in my series on Digital Content. In the first post, we discussed how your advisors can build a personalized professional brand using NexJ Digital Engagement and Artificial Intelligence. In the second post, we discussed using the same AI tools to deliver personalized touches to your existing clients.

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Why Banks are Using AI to Differentiate on Service

Today’s leading businesses have embraced technology to innovate and find an edge in our connected marketplace. It’s the Age of the Customer, and your customers have more options than ever before to access the financial services they need. 

In: Finance
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CRM Adoption Starts with Integration

For a person to use something, they almost always have to believe they have something to gain. For a CRM system, that means that a person should get more information out than they put in. After all, if all you have access to is the information you entered, what’s the point?

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Artificial Intelligence (AI) in CRM: It’s not Skynet. Yet.

Artificial Intelligence is everywhere all of a sudden. It’s on our phones, in our homes (I’m looking at you, Alexa) and peppered throughout our online experiences. It’s the hot topic from the water cooler to analysts to the media to the major industry players. (I think we all know where Elon Musk and Mark Zuckerberg stand on AI by now.)

In: Finance
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Digital Content Part II: Customer Engagement

In my previous blog, I discussed the importance of using content to create a personal brand on social media. To recap, NexJ Digital Engagement uses Artificial Intelligence to match articles from public news and internal sources to a profile that is unique to each financial advisor or banker. 

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Sunsetting an Obsolete System

So when a system stops receiving support or development, it affects the health of the entire company. It can become expensive to maintain, difficult to upgrade, or so obsolete it risks pulling the company behind the competition. When people can't or aren't using the system, or when the system isn't able to provide the functionality that's needed, the organization must replace it.

In: Insurance
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Digital Content Part I: Creating a Strong, Unique Personal Brand

Digital brands are important. In the digital age, customers do research on their financial decisions before they even contact the bank. They Google, talk to friends and colleagues on social networks, and look at the websites for both the institutions and the advisors themselves. When it comes to financial decisions, they are looking for someone they can trust and who will be a partner, not just a vendor. Your institution and your bankers themselves must communicate a unique perspective that makes them stand out from the crowd before the client reaches out directly.

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Hadoop Data Lake

In this blog series, we’ll explore the concepts that make up the Semantic Data Lake. We’ll begin with an introduction to Hadoop – what is it and why was it developed? Techniques traditionally applied when mastering complicated organizational reference data such as customers often require centralization to enforce standardization. 

In: Insurance
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Beyond the Brochure - Why Project Success Begins with the Proof of Concept

You’ve seen the demo and read the brochure. You’ve read a dozen RFP responses, and expertly managed conflicting requirements and competing stakeholder expectations. You’ve short-listed the vendors, and authored a business case that you can be proud of. 

In: Insurance
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AI and the Rise of the Bots

It’s still a little hard to get used to. For a number of years this would be the week I would make my way to the Big Apple, the financial services mecca of North America, to attend #CRMEvolution. The event used to take place in a hotel right in Times Square. There was always a flurry of activity all around.

In: Insurance
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Choosing The Right Vendor: Don’t Limit Your Analysis to Functionality

At NexJ, we take great pride in being a responsive vendor. This is a big part of our value proposition – our desire to be a strategic partner who contributes to our clients’ success. If you’re making a software purchase, I strongly recommend you factor vendor responsiveness into the decision making process. It’s an invaluable intangible. So what exactly do I mean by ‘responsive vendor’?

In: Insurance
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Financial Services Innovation and Insights

It’s 3:45 a.m. and my alarm is screaming at me to wake up. I reach for my phone to stop the blasphemous racket. By instinct, I manage to shut it off but the noise keeps blaring. I realize that I had set the alarm on my tablet as well. Good thing too, because that's the alarm that brought me to my senses. As someone predisposed to staying up late rather than waking early, the hour is more familiar for being the end of a day than the start of one.

In: Insurance
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Transforming a Contact Center into a Customer Engagement Center

In my recent blog, Customer-Centric Digital Transformation, I discussed the strategy for ensuring the customer is at the center of digital transformation. Today, I’d like to discuss one particular channel, the Contact Center. 

In: Insurance
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Chatting with Developers: Agile Development Practises

I'm not a developer. I don't work with code, and though I use computers every day, I don't understand what's running in the background. But that's okay, because I'm a writer instead. So I spend a lot of time asking developers about their process and trying to understand how they do what they do and why. Fortunately for me, they tend to be very patient people.

In: Insurance
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Servicing the Client Across Their Journey

In any industry, like financial services, that relies on maintaining deep relationships with their clients, it’s critical to understand and service the client across their entire journey. Successful client experience solutions focus on features across what we call the “The Customer Lifecycle.” 

In: Finance
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CDM Enables Cost-Effective and Agile Data Mastering

Wikipedia defines Master Data Management as "the processes, governance, policies, standards and tools that consistently define and manage the critical data of an organization to provide a single point of reference".  Customer data is at the heart of every organization and is the most complicated data reference to master.

In: Finance
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Customer-Centric Digital Transformation

For some, it’s about reducing costs by modernizing the back office.  For others, it’s about leveraging disruptors within their enterprise.  For NexJ, it’s all about the customer.In the age of the customer, the customer is in control of their journey.  They dictate how and when they will interact with the firm.  

In: Insurance
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Chatbots, Robotics and Business Process Management - oh my!

On October 10, 2014 at NexJ’s client day, Julie Ask (@JulieAsk), Forrester Research analyst and co-author of The Mobile Mind Shift, spoke to our customers about the behavior changes occurring as a result of the adoption of smartphones and apps. 

In: Finance
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