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.

Intelligent Customer Management harnesses all customer information such as profile data, accounts, transactions, and external streaming data from social media and news feeds, to enable firms to make better decisions and improve customer outcomes. It provides intelligent recommendations to advisors and bankers to drive appropriate behavior. In Wealth Management, this means recommending a sequence of interactions for a given client to grow assets under management and increase customer loyalty. In Commercial and Corporate Banking, this means building account plans with recommended products and driving the right activities to close deals and increase share of wallet.

With Intelligent Customer Management, firms can bring all of their customer data together into a single, comprehensive view. The view is leveraged by analytics, artificial intelligence, and machine learning to improve customer understanding, refine practices, and make smarter decisions. AI-enabled workflows and notifications alert users when important events occur and prompt them with proven best practice suggestions to take the right action at the right time. As interactions occur, customer behaviours and outcomes are measured and fed back into machine learning to enable a continuous cycle of improvement.

In this blog series, I will communicate the different aspects of Intelligent Customer Management that we discussed at NexJ Client Day to introduce the conversation to a broader audience. I look forward to your contribution. Stay tuned for my next blog, where I’ll go into more detail about Intelligent Customer Management in Wealth Management.