Client lifecycle management (CLM) operations involve transforming from a prospective client to one who can engage in business activities with a financial institution. These activities include collecting all the details of the client organization such as name, registration, address, purpose, products interested and ownership structure, KYC (know your customer) checks for political affiliation, risk scoring, other regulatory checks like AML, MIFID, Dodd Frank and finally setting the client up in various IT systems. There can also be a combination of these activities due to rule variations: if there is an existing client from a different jurisdiction, a client seeking additional services (which could involve more risk), changing address or ownership, etc. Continue reading
It’s well known that it’s more cost effective to sell to existing customers, than it is to acquire new ones. If businesses can gain extra insights into how their customers use their services, they can find new ways to tailor and customise those services to individual customers. Electronic payments make the interaction with a business a far smoother, quicker and convenient experience for customers – tapping into that by implementing electronic payment methods can have a real pay-off. One example of an electronic payments success story is from Starbucks, which claims that more than 10% of its in-store sales are driven by its mobile wallet app. Continue reading
Enterprise conversations on cloud adoption have reached a stage where a number of questions are raised about the ‘what’ and ‘how’ of cloud computing rather than the ‘why’. Make no mistake, security still remains the main topic of the cloud, but the tone of the discussion is more focused on ‘how can the cloud work for us?’ Security services in the cloud have matured over the past few years and there are now enough of proof points almost in all industry segments where cloud has been successfully adopted with measurable success. Enterprises are increasingly loathed to dismissing the compelling business case offered by cloud adoption, provided security aspects of the cloud are adequately assessed and addressed. Continue reading
When Apple announced Apple Pay as a service on September 9th, they mentioned a few key terms like secure element, tokens, one time unique number, device account number and dynamic security code. For the layman, this could mean that Apple has used the most advanced security technology in Apple Pay; but for the folks in the field of mobile payments and security, it was not very clear what Apple was trying to say.
To keep this simple, I am going to discuss Apple Pay in the context of a payment made at a physical point of sale (POS). This is just an attempt to understand the underlying implementation while the reality may be different. Continue reading
When an organization begins developing a custom application, they have multiple factors to consider such as the latest technology platform, methodology to be used, agility to make the enhancements, ability of business users to conceptualize and recommend, flexibility to change or enhance the application and to support the nexus of forces (social, mobility, analytics and cloud) with a faster response time. During the application development planning phase, both business and IT teams have to understand and finalize the model and approach to manage the process and speed involved in the development. Continue reading
In my previous blog on “the patient-centricity era”, I had highlighted five key areas that healthcare organizations need to focus on. In this blog I would like to focus on the patient’s data, and provide four new ideas for organizations to streamline the acquisition, analysis and storage of this crucial data.
Many of you know the story about e-Patient Dave, who started the movement called “Give me my damn data.” But the real question is, how many organizations are actually doing it? The premise here is for individuals to own the data, and if required, do more analytics with respect to their family members. Continue reading
The millennial generation cannot be ignored: they are your employees, your customers and may even be your future employers. When you couple this generational evolution with the unfolding digital transformation, you see the heady mix that is transforming business models and activities.
For the millennial generation, work is what they do, not where they go. Rigid corporate structures are limiting factors that stifle creativity and innovation. Organizations have plenty of opportunities to learn from this digitally savvy generation. Continue reading
How much system integration is the right amount for health insurance administrators? Is it best to aggregate or disaggregate some of the core components such as premium billing, enrollment/member demographics, claims processing, care/disease management, provider demographics, benefit/contract design and configuration, and provider reimbursement?
This is the first in a series of blogs focused on the integration of systems, data, and partners in the delivery and administration of health care and health insurance. Continue reading
Cloud computing is changing the IT landscape and redefining how software is being built, deployed and managed. Enterprises have come to a stage where they cannot ignore cloud computing any longer, or the tangible benefits that it can deliver.
As companies and employees demand more flexibility from their IT, and lower costs, cloud usage will only increase. Yet what is it about cloud that enables this? What are the cost benefits? How do the economies of scale work? Continue reading
It’s a no brainer that customer experience is paramount for any industry; especially in the telecom space with so many service providers competing for a share in the customer’s wallet. But the recent Forester research that focused on 2014 CXi Scores for 28 UK Brands concluded that telco service providers fall behind the brand leaders in terms of positive customer experience.
This article focuses on how CXOs should be concentrating on each step in customer life cycle to ensure optimum customer experience so as to reduce churn and improve revenue. It’s about how to get the basic things right consistently to reduce the customer effort and keep the customer happy. Continue reading