Automating Client Lifecycle Operations

For over a decade wealth management, particularly within Swiss private banking, has been in a state of flux, driven by digitalisation, cost pressures, and market consolidation. As the pace of change accelerates, the limitations of traditional Client Lifecycle Operations (CLO) have become increasingly evident. Chief Operating Officers (COOs) are grappling with fragmented processes, compromised data integrity, and inconsistent client experiences.

Too often, banks resort to reactive, short-term fixes, adding layers of complexity to already outdated systems. This approach not only increases costs but stifles innovation and demotivates teams. To thrive in this dynamic environment, firms must transition from piecemeal solutions to a proactive strategy: reimagining operations through simplification while preparing for the next wave of technological transformation.

In this first blog in our series, we explore a starting point for increasing workflow automation and integration of client lifecycle—unlocking efficiencies, simplifying processes, cutting costs, and transforming client experiences.

Simplification, efficiency and cost: Why workflow automation matters for wealth managers

Client Lifecycle Operations (CLO) spans the entire client journey from prospecting to off-boarding, integrating people, processes, data and tools to create a distinctive client experience. However, fragmented systems and outdated technology often hinder efficiency, data consistency, and compliance. By modernising CLO with advanced platforms and effectively automating key parts of the process integrated automation, wealth managers can streamline workflows, enhance data integrity, and deliver consistent client experiences. This transformation addresses operational challenges, while enabling firms to innovate and adapt to evolving market and regulatory demands.

Why does this matter? In an industry built on trust, consistency and precision, robust CLO practices enhance satisfaction for internal teams and external clients alike, reduce operational errors, and drive cost efficiencies. With emerging technologies like (generative) AI redefining operational capabilities and accelerating software development, firms delaying automation and adoption of AI risk falling behind more agile competitors. A forward-looking approach enables wealth managers to leverage innovations for sustained success in a rapidly evolving market.

Illustration: Reimagining Client Lifecycle Operations

Challenges in workflow automation
Identifying challenges within Client Lifecycle Operations (CLO) is essential to start driving meaningful change. By addressing key challenge areas, wealth managers can reduce inefficiencies and eliminate bottlenecks, paving the way for impactful workflow automation. Below, we highlight four of the most common challenges in optimising CLO:

Illustration: Challenges in Client Lifecycle Operations

1. Balancing automation with operational risk

Workflow automation can streamline processes but must be implemented thoughtfully to ensure consistent performance.

• Simplifying manual processes boosts efficiency but requires careful planning to maintain business continuity, support staff, and foster innovation
• Striking the right balance between a higher degree of workflow automation and human oversight is critical for maintaining high standards and operational integrity

2. Overcoming inefficiencies of legacy systems

Legacy systems and convoluted workflows impede standardisation and scalability, creating inefficiencies across the client lifecycle, impacting the client and employees.

• Outdated technology prevents process optimisation, leading to inefficiencies and delays. On average, process steps in the lifecycle need to be revisited 49% of the time1, implying significant inefficiencies
• Limited resources for cross-functional initiatives make it necessary to rely on manual risk management and compliance activities, reducing the time relationship managers have for value-add activities.

3. Streamlining governance and reporting

Slow decision making, siloed organisation, and overall ineffective governance and fragmented reporting systems slow down operations

• A lack of clear accountability delays data sharing and creates inefficiencies.
• Disorganised reporting efforts result in inconsistent responses to client and regulatory demands, hampering data-driven insights

4. Improving data quality

Disconnected or inconsistent data impedes decision-making and operational efficiency.

• Inadequate standardisation leads to discrepancies across systems, resulting in incomplete or inaccurate client information
• Data silos obstruct automation tools that rely on centralised data for smooth execution

Starting to automate workflow

Many wealth managers recognise the need for increased workflow automation but hesitate to take the first step. The key lies in identifying high-impact areas that deliver immediate results, building momentum for broader initiatives.

1. Define clear metrics

Set measurable goals to track workflow automation success, such as reducing onboarding times by 30–50%, cutting compliance error rates, or improving client satisfaction scores. These metrics provide tangible benchmarks operational impact.

2. Prioritise high-impact processes

Begin with repetitive, time-consuming tasks like KYC updates, sanctions checks, or document management. Automating these can reduce processing times by up to 60% and improve compliance accuracy, freeing employees for strategic activities.

3. Simplify and standardise

Streamline workflows by reducing repetitive activities and creating standardised processes before automating. This reduces revisit rates (and embeds compliance rules into systems for consistent execution.

4. Implement and measure results

Deploy scalable workflow automation tools that integrate processes across departments. Track outcomes using metrics such as onboarding times, error reductions, and productivity improvements. Leading firms have already reduced manual errors and cut onboarding times, demonstrating the transformative potential of well-applied workflow automation.
Starting with a well-chosen aspect of the client lifecycle allows firms to achieve measurable improvements, setting the stage for further automation.

Conclusion and outlook

Workflow automation in Client Lifecycle Operations is no longer optional—it is essential for wealth managers seeking to stay competitive. By defining clear metrics, prioritising impactful processes, simplifying workflows, and implementing scalable tools, firms can unlock efficiencies, reduce risks, and enhance client experiences.

In our next blog, we will explore the critical success factors for implementing client lifecycle automation. How can organisations ensure they have the right technology and resources? What role does change management play in successful adoption?

Authors

• Sergio Cruz, Partner, Consulting
• André Im Thurn, Director, Engineering, AI & Data
• Tim Haeseker, Director, Engineering, AI & Data
• Rogier van der Klauw, Manager, Engineering, AI & Data