Understanding Lifecycle Management in Client Onboarding


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For many companies, client onboarding and client lifecycle management (CLM) are two separate and distinct processes. Companies often view client onboarding as a process to get the client’s information, perform Know Your Customer checks, verify information, and set up a person with an account login. But effective CLM should be just an extension of client onboarding, with the two tied together to create an opportunity to manage an overall client relationship in the long term and not just get them set up with the correct logins.

The Importance of Client Lifecycle Management in
Client Onboarding

Client lifecycle management is one of the most critical components of a financial relationship. It also centers around the idea of having comprehensive requirements for the future. When this is viewed as a completely separate function from onboarding, you’re not taking advantage of an opportunity to use the information you have about your clients to optimize their experience with your products and services from the very beginning.

A better understanding of CLM and its integration into your client onboarding process also allows you to use information about where your clients want to go to advance your product, creating more and better features or offerings to meet those needs.

the ultimate guide to client onboarding

Using Client Onboarding to Improve Client Lifecycle Management

During your customer onboarding process for new financial clients, you are required to conduct certain checks and reviews:

  • KYC – Know Your Customer
  • CDD – Customer Due Diligence
  • EDD – Enhanced Due Diligence
  • AML – Anti-Money Laundering

These checks can provide a lot of insight into your customers and allow you to open up new discussions about what they want and need from your products. Many of these processes can be automated and integrated into your onboarding with the GUIDEcx platform. Still, it’s important not to let the information you gather go to waste and to use it effectively beyond the onboarding process.

using research to generate insights during client onboarding

The more information you have available, the better you can conduct ongoing data refreshes, due diligence, and upselling or cross-selling opportunities in the future. You can also use this information when new regulatory requirements come up in the future. The more your information is tied together, the better you can provide intelligence and insight to other team members with continuous onboarding.

Having the right tools to enable you to integrate your ongoing CLM with onboarding is essential to provide a better client experience initially and into the future.

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Discover how GUIDEcx can help you improve efficiency by reducing your customer onboarding timeline and increasing the capacity of your project managers. Our unparalleled professional resources and unwavering commitment to excellence support our industry-leading customer onboarding solution.