Customer Lifecycle Management
Organizations that use customer lifecycle management have a better chance of successfully cross-selling and upselling to satisfied customers. In addition, customer lifecycle management software provides options for extending warranties, adding service agreements, and making new offers. A customer lifecycle map is a high-level, visual tool used by marketers to track where customers are in the buying process. It’s critical to comprehend client behaviour as they progress through various stages.
Further, customer lifecycle management is the process of tracking the stages of the customer lifetime, assigning metrics to each stage, and determining success using those data. The purpose is to track the company’s performance in relation to the customer lifecycle through time. The customer lifecycle has five stages: reach, acquisition, conversion, retention, and loyalty.
In the approach/reach stage, businesses locate potential leads, demonstrate the value of the product or service being offered, and show the leads how they can become customers. In acquisition stage, the leads enter the sales pipeline. As they progress, businesses will need to be able to continue to demonstrate product value, while also addressing any concerns that may arise. In the conversion stage, leads that reach the end of the pipeline complete their sales and become customers. Businesses then focus on further developing that relationship, by following up with the customer and soliciting feedback. In the retention stage, customers provide information, businesses analyse that data so that they can then create a more personalized customer experience. This may lead to further sales, often in the form of cross sales and up sales. Lastly, in the loyalty stage, the end goal of the customer lifecycle is to create brand advocates who not only continue to do business with the company, but also promote that company on their own social circles.
Managing the customer lifecycle requires making sure that every engagement, including phone calls, emails, and chats, is tailored to the client’s current stage. For example, companies would not send a discount offer to a first-lifecycle consumer to purchase a product while they are still researching and contemplating a competitor. Instead, you’d give useful information to your prospect that will inform them about the difficulty they’re facing and how they can solve it.
Appcino, a Low Code arm of the Xebia group, provides CLM solutions for various organizations as well. Low-code applications are easier to develop and maintain, with a lower risk of errors. It is one of the most experienced, delivery focused Low-Code COEs with over 380 developers and 1100+ implementations delivered to date. Appcino’s complete process automation solutions help lower TCO by 65%. It further helps increase visibility in the processes in just eight weeks. Appcino diagnoses the problem first and then prescribes the steps to overcome challenges and implement the way forward.
Appcino Technologies’ Client Lifecycle Management system includes Customer Portal, Digital Client Onboarding, Enhanced Due-Diligence and KYC, Client Maintenance, and Customer Service, among other modules
Connected CLM Processes
Connects customer portal, client e-banking system, or any other legacy systems to digitalize all CLM touchpoints and processes
Single Detailed Client View
A unified client view that surfaces data from numerous connected systems in CLM, KYC, Onboarding, Related Parties, Compliance, Documents Management, and other areas
Intelligent Documents Automation
Reduce the large volume of manual admin chores by automatically classifying and tagging any documents, such as Identification Proofs and Legal Entity Incorporation Certificates, to the appropriate client or case. DocuSign integrates well with centralised client document repositories
Back-Office Processes Factories for RPA
Use RPA to deploy bots on legacy or core banking systems. Receive notifications/alerts for any major data anomalies that exist across several platforms for clients
Streamlined Automated and On-Demand KYC’s
Reads the CBS (core banking system) automatically and initiates KYC cases based on client risk profiles
Digital Client Onboarding
New prospects can use the client portal to swiftly set up new accounts with banks by entering the bare minimum of information. Clients can upload documents, and the solution automatically extracts and fills in case and profile information
Next-Generation Customer Service
Omni-channel capabilities & powerful communications allow agents to resolve customer cases faster