Customer Lifecycle Management

Move from a slow, cost-driven Customer Lifecycle Management operating system to a faster and more customer-driven one, with WorkFusion’s pre-built Intelligent Automation solutions.
Document Handling
Automate digitizing and processing various complex documents and updating customer information in CL...
Document Handling
Automate digitizing and processing various complex documents and updating customer information in CLM systems, with WorkFusion’s pre-built solution.
Identity Verification
Verify an account applicant’s identity through submitted documentation and data faster with WorkFusi...
Identity Verification
Verify an account applicant’s identity through submitted documentation and data faster with WorkFusion® Intelligent Automation. Streamline Customer Id...
Adverse Media Monitoring (Negative News)
Streamline investigation of negative news and reduce the risk of regulatory penalties with WorkFusio...
Adverse Media Monitoring (Negative News)
Streamline investigation of negative news and reduce the risk of regulatory penalties with WorkFusion® Intelligent Automation solutions.
New Accounts
Streamline handling of customer documents and updating of internal banking systems to rapidly open n...
New Accounts
Streamline handling of customer documents and updating of internal banking systems to rapidly open new accounts and approve them for transacting: depo...
Name Screening Alert Review for Sanctions and Politically Exposed Persons
Streamline the process of name screening alert review with WorkFusion® Intelligent Automation and re...
Name Screening Alert Review for Sanctions and Politically Exposed Persons
Streamline the process of name screening alert review with WorkFusion® Intelligent Automation and reduce cost and manual efforts involved in determini...
Payment Screening Alert Disposition
Streamline the manual review of alerts generated by your payment sanctions screening system with Wor...
Payment Screening Alert Disposition
Streamline the manual review of alerts generated by your payment sanctions screening system with WorkFusion's packaged automation solution.
Customer Outreach Management
Email outreach for onboarding and refresh is a significant driver of negative customer experience an...
Customer Outreach Management
Email outreach for onboarding and refresh is a significant driver of negative customer experience and quality defects. WorkFusion can classify emails,...
Cash Management
WorkFusion® Intelligent Automation solutions help financial institutions (private banks, broker-deal...
Cash Management
WorkFusion® Intelligent Automation solutions help financial institutions (private banks, broker-dealers, asset managers, etc.) to automate and improve...
Self-Sourcing
Missed opportunities to self-source client KYC attributes results in unnecessary client outreach tha...
Self-Sourcing
Missed opportunities to self-source client KYC attributes results in unnecessary client outreach that negatively impacts customer experience. WorkFusi...
Authorized Signer Management
Benefit from WorkFusion's industry-leading solutions that help you automate the process of adding, u...
Authorized Signer Management
Benefit from WorkFusion's industry-leading solutions that help you automate the process of adding, updating and verifying the list of authorized signe...
Ultimate Beneficial Owner
Determine and assess the ownership and control structure of your client businesses faster and more a...
Ultimate Beneficial Owner
Determine and assess the ownership and control structure of your client businesses faster and more accurately with WorkFusion® Intelligent Automation.
Source of Wealth
Automate checking the source of wealth for customers to identify unusual or unexplained funds flows ...
Source of Wealth
Automate checking the source of wealth for customers to identify unusual or unexplained funds flows with WorkFusion® Intelligent Automation.
Foreign Account Tax Compliance Act (FATCA) Screening
Ensure compliance with the Internal Revenue Service’s FATCA regulation by automating the manual and ...
Foreign Account Tax Compliance Act (FATCA) Screening
Ensure compliance with the Internal Revenue Service’s FATCA regulation by automating the manual and error-prone process of screening accounts to check...
Know Your Customer (KYC) Refresh
KYC is an ongoing process that begins at onboarding and extends throughout the relationship. The res...
Know Your Customer (KYC) Refresh
KYC is an ongoing process that begins at onboarding and extends throughout the relationship. The responsibility for timely and fully compliant KYC pro...
Legal Entity Structure
Leverage WorkFusion® Intelligent Automation to determine and assess the legal structure of the bank’...
Legal Entity Structure
Leverage WorkFusion® Intelligent Automation to determine and assess the legal structure of the bank’s clients, consisting of all corporate relationshi...
Customer Risk Rating
Workfusion can assign a customer risk rating score to a client or account based on the financial ins...
Customer Risk Rating
Workfusion can assign a customer risk rating score to a client or account based on the financial institution's internal model, with connections to the...
AML and OFAC Risk Assessment
Financial institutions need to compare their AML/OFAC inherent risks with their control environment ...
AML and OFAC Risk Assessment
Financial institutions need to compare their AML/OFAC inherent risks with their control environment on a regular basis. WorkFusion automates manual...
CTR Exemption Validation
Workfusion can automate validating whether a customer is exempt from Currency Transaction Reporting ...
CTR Exemption Validation
Workfusion can automate validating whether a customer is exempt from Currency Transaction Reporting requirements, either during onboarding or on an on...
Currency Transaction Reporting (CTR) Filing
Providing complete and timely CTR Forms to FinCEN requires the coordination of many teams and system...
Currency Transaction Reporting (CTR) Filing
Providing complete and timely CTR Forms to FinCEN requires the coordination of many teams and systems to meet compliance requirements. WorkFusion® ...
Sanctions List Update QA Check
Eliminate the manual review of screening list completeness in your screening system whenever the OFA...
Sanctions List Update QA Check
Eliminate the manual review of screening list completeness in your screening system whenever the OFAC SDN or other screening list is updated.
Screening Request for Information (RFI) Processing
Transaction and name-screening operators routinely need to submit a Request for Information (RFI) to...
Screening Request for Information (RFI) Processing
Transaction and name-screening operators routinely need to submit a Request for Information (RFI) to their customers, users, and counterparties. Th...
Suspicious Transaction Reporting Classification
WorkFusion® Intelligent Automation helps streamline classification and prioritization of transaction...
Suspicious Transaction Reporting Classification
WorkFusion® Intelligent Automation helps streamline classification and prioritization of transactions that were flagged as potentially suspicious.
Trade Finance Sanctions Screening Extraction
Trade finance is an engine for the global shipment of goods and services. However, because of its in...
Trade Finance Sanctions Screening Extraction
Trade finance is an engine for the global shipment of goods and services. However, because of its international exposure and high values, financial in...
Transaction Monitoring Narrative Creation
Compliance analysts and investigators spend valuable time drafting narratives to complement their cr...
Transaction Monitoring Narrative Creation
Compliance analysts and investigators spend valuable time drafting narratives to complement their critical transaction-monitoring alert findings. Writ...
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The Next Frontier in KYC and AML: IA-led Transformation

In this report, Everest Group examines the primary challenges that banks face in their AML and KYC operations and how they can be solved with Intelligent Automation.

Beyond the Digital Façade

Understand what technologies help place banking institutions at an advantage over competitors in terms of the speed, accuracy, and overall customer satisfaction and retention.

Financial Services Roadmap: Know Your Customer (KYC)

Gain keen insights on how Intelligent Automation can help you tackle a more robust sanctions compliance program and follow KYC best practices while potentially reducing costs.

Customer Lifecycle Management is overloaded with unstructured documents

Financial institutions invest in digital experience for many reasons, but none is more important than attracting and retaining satisfied customers. However, while many of them have digitized customer-facing interfaces, the most time-consuming and error-prone work – extracting and matching data from documents and updating systems of records — is still done manually, degrading customers’ experiences, slowing account opening and generating quality and compliance errors in back-office operations.

Manual operations are at the core of CLM inefficiency

Manual operations constitute 50–75% of all work in Customer Lifecycle Management, and their inefficiencies lead to poor customer experience and, as a result, customer churn:

  • On average, an extra 7–15 days are added to onboarding time per corporate customer, and 1–3 days per retail customer, due to manual work
  • 40% of corporate customers report dissatisfaction with their bank’s customer service
  • Annually, 15% of retail customers quit their bank and move to a competitor

The cost of getting it wrong is higher than ever, especially when new fintech players offer simpler access to banking services, without the complexity and manual work of traditional financial services providers.

BCG research shows that corporate banks annually lose 10–15% of gross revenues to attrition. Stemming even part of this loss could improve bank revenues dramatically — especially since revenue growth across corporate banking segments has hovered in the 0% to 4% range for the past few years.

Source: BSG.Com

The negative effects of over-relying on manual work are not limited to customer churn and subsequent missed revenue. It also leads to growing operational costs: Mid-size banks spend as much as $50M annually on CLM, while the cost for large banks can easily exceed $500M.

Intelligent Automation streamlines CLM operations

More banking operations leaders are turning to Intelligent Automation to improve operations with documents and systems of records across the customer lifecycle.

Applying an Intelligent Automation layer across CLM operations allows financial institutions to rapidly speed up manual operations such as customer documents processing, avoid backlogs and provide superior customer service, creating a faster and more customer-driven operational model.

WorkFusion’s platform can solve key sticking points across the customer lifecycle:

  • automatically processing, categorizing, and routing customer communications to manage the outreach process;
  • intercepting data and documents, extracting key information from documents of various templates and feeding the BPM and document repository layers;
  • routing client information to screening engines and risk-rating systems, etc., all in near-real time.

The Continuous Learning Framework ensures non-stop development of the bots and improvement of their automation rates and accuracy.

clm automation workfusion

End-to-end process automation is made possible with the combination of our Intelligent Automation capabilities:

1
Pre-built learning bots
Include deep understanding of industry document types, applications and other details of use cases​, that can be used as-is or calibrated using just a handful of documents for your specific use case.
2
Document Intelligence
Handles 100% of structured and unstructured documents processing, from document ingestion to data validation, without the need for third-party IDP tools.
3
Intuitive human-in-the-loop interface
Enables knowledge workers to directly manage exceptions and train the bots as part of their usual work, without the need for data scientists or engineers​​.
4
Tailored analytics and model risk management​
Empowers operational leaders to maximize automation value, providing actionable insights into SLA​ and KPI tracking​, model governance, automation accuracy, etc.
5
Continuous Learning Framework
Prevents performance erosion of automation solutions over time and ensure non-stop improvement in their accuracy, automation rates and ROI expansion.
6
Intelligent Process Automation
Provides a holistic approach to automation, its management on the enterprise level and scaling across different lines of business.

Want to learn more?

Read about WorkFusion’s Account Opening and KYC automation solutions and critical capabilities of Intelligent Automation, find more success stories, white papers and analyst reports on our website.

Go to WorkFusion website →

Need help?
Talk to our automation experts.
They will help you select the best use case for your business and demonstrate how to scale the automation further with Intelligent Automation Cloud.