In reviewing Advent’s latest software release, it appears that the product gives us a glimpse of things to come. Cloud computing, workflow enablement, management dashboarding, etc.
However, for a legacy Advent Axys client, installing this product could be like drinking from a fire hose. That said, the functionality being delivered is most definitely needed to compete in the wealth management industry today.
When clients hear the word CRM (Customer Relationship Management) they cringe. The term (which started in banking as CIF), has come to be associated with overblown expectations, more administrative work, and oversight by management who may lack an understanding of the CRM system itself. This has translated into an overall bad reputation for CRM vendors and applications.
But this is changing.
Clients and advisors now realize to appropriately nurture and grow relationships, the functionality that CRM’s bring to bear is valuable. CRM systems are now integrated in better ways with MS Outlook, easier to use, are web enabled, and some even include mobile capabilities. All this translates into CRM systems entering a “golden age” where all wealth managers and advisors migrate to a CRM system that realize the dream envisioned many years ago.
One word of caution – as CRM systems proliferate don’t think that the data found in the CRM will solve all of your data problems. Many CRM vendors are going beyond CRM data to try and facilitate other business functions – be wary of that.
CRM is a place where significant technology gains and changes may be realized. You want to be in a position to change CRM applications if new technology arrives. If you implement other functions beyond CRM within the CRM application, you can potentially lock yourself into an application that you wish to change in the future. Focusing on the functionality and capabilities of the CRM application itself will provide you with the best opportunity to adapt when new technology arrives.
- Looks like the tablet – mobile market is expanding and other parties are coming in. This means more and more applications will be appearing. Will the iPad be able to maintain its hold or will the market space finally be challenged with other tablet alternatives?
- This means that another round of development (Android based) will be required soon. Just building for the iPad and iPhone will not be good enough. Developers that offer technology solutions on a platform neutral basis will begin to thrive.
As Oakbrook Solutions engages in integration or system interface related projects we continue to run into the same “green screens” on client site. Although some areas have created front ends to mask the underlying technology, major changes are sometimes needed in integration or interfacing work that is done behind the scenes. The need for resources with skills around “old” technology is ever apparent but is it time for financial institutions to consider major shifts in technology platforms?
We all know the ROI on the change could be difficult to justify but the benefits of the move could be realized over time. As the US workforce ages, so does our clients ability to replace “hands-on” experience. As a niche consulting firm, Oakbrook Solutions understands the value of this type of knowledge and experience. That said, migrating to new technology can be accomplished with the right leadership, focus, and execution.
Is it time to begin the migration?
Contributing author: Tim Buhler, Senior Relationship Manager
May 15, 2012
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