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.  

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. 

Next week, I'll be flying to London, England, for the Customer Experience Exchange for Financial Services. The Exchange is a meeting of senior executives responsible for the design, development, and delivery of customer service strategies and solutions. Bringing together a range of exclusive experts from the Financial Services industry, this conference provides valuable information on current and future trends in customer experience.

Even today, a key attraction for talented advisors (and more importantly their books of business) is offering a fully Integrated Advisor Desktop (IAD) platform. The big warehouses and the successful Investment Banking Divisions (IBD) know that integrating custodians/account management, portfolio management, order entry and management, financial planning, research, and Customer Relationship Management (CRM) are table-stakes these days. 

Today, we’re going to take a quick look at scheduling, a fundamental feature of a financial services CRM solution. It’s a necessity, however, many companies only give a few cursory questions about it in most RFPs we see. It’s a mistake to assume that all scheduling is alike. 

Like every other interaction with business these days, customers expect client onboarding and new account opening to be fast, efficient, and easy. Traditionally, onboarding in financial services has been a paper-based process not known for its efficiency. We’ve all had an experience that went something like this: “I need to ask you some questions … 

Siebel was a great product. At least it was when I worked there 10 years ago. But it hasn’t really kept up with the times. What began as an innovative solution to firms’ customer management problems has become outdated. New technology, interaction channels and complex regulatory requirements have changed the way that financial institutions need to operate.  What firms need today is modern and flexible technology to keep up with market changes, and CRM specialized for financial services as @kateleggett of Forrester and I discussed in an American Banker webinar last year.

Toronto, my home town, is a great city. The Economist has ranked it as the best city in the world to live in. I’ve lived elsewhere, other Canadian cities and in the USA, but I keep coming back. That said, it’s not often that Toronto plays host to a conference that I would attend.  In 2017, however, two such events have already been scheduled.

As part of my job, I review a lot of articles about advisor desktops, platforms, and strategies. Rarely do I get to say that someone truly understands the reality of delivering and executing on them. I work with top wealth management firms regularly on their front-office solution road-maps and implementations, and I can tell you that it’s not easy. How do you cater for so much functionality in a usable but cost-effective way? Financial planning, CRM, portfolio and account management, order management, trade execution, statements and reporting, fee management, social media, etc. – it’s a lot. You cannot build all this in-house – you’re not a technology company, software is not your core competency, and it’s not economically viable to sustain. And as much as there will be a clamoring of vendors to tell you otherwise, the truth is that no “one vendor” can provide the right functional coverage to cater for all these needs.

Last time we spoke about the importance of recognizing value immediately through agile implementation methods.  This time we are going to apply that to the domain of computing a lifetime value metric. So what is a customer lifetime value metric – without the algebra please!