Can a CDM (Client Data Management) system reduce the need for remediation?
Posted: Tuesday 21 May 2024
In the Wealth Management sector efficient CDM (Client Data Management) is not just a convenience, it’s a strategic and operational necessity. The ability to access, analyse, and leverage data effectively can make all the difference in ensuring regulatory compliance and delivering exceptional client experiences.
However, wealth managers deal with a vast array of data streams, from financial transactions and market data to client preferences and regulatory documentation, so there is a challenge in pulling data together from a host of diverse sources.
This issue was one of the drivers behind Vega Technology’s development of DigiHub, an innovative platform that brings effective Client Data Management to the Wealth Management Sector.
DigiHub is a digital hub that can connect CRM and back-office systems together, can automate processes and can streamline client interactions - resulting in strategic, effective Client Data Management, which can help enhance and enrich data on a regular basis. DigiHub can help with:
Comprehensive Data Integration: Integrating data from diverse sources into a centralised repository identifies and resolves inconsistencies or duplications early in the data lifecycle, reducing the need for remediation downstream.
Streamlined Processes and Workflows: Automated data management processes reduce the risk of human errors and manual data entry issues, minimising the need for corrective actions.
Improved Client Communication: Bespoke questionnaires and easy to use client portals lead to more accurate client data and enable more personalised and proactive services, reducing misunderstandings or miscommunications that may require remedial actions.
Real-time Monitoring and Automated Alerts: Automated analytics and calculations enable real-time monitoring for data anomalies, whilst alerts allow for timely intervention to minimise the scope and impact of potential remediation.
These are just some aspects of client data management that DigiHub can manage. The platform is flexible, adaptable and cost effective and has already been adopted by a variety of wealth management businesses who have used it to address their specific requirements, whether to resolve a data integration issue, streamline a process or provide a client portal.
DigiHub can provide both the foundations and building blocks of a solid Client Data Management system, ensuring that wealth managers can maintain data quality, automate processes and minimise risks.
To find out more why not contact one of our team for an informal chat.
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