Enterprise CRM Modernization for Asset and Wealth Management: A Capability-Driven Digital Transformation Framework
DOI:
https://doi.org/10.63282/3117-5481/AIJCST-V2I6P103Keywords:
Customer Relationship Management (CRM), Wealth Management, Digital Transformation, Enterprise Architecture, Business Capability Modeling, Financial Services Technology, System IntegrationAbstract
In the world of assets and wealth management, CRM systems are key to multiple digital processes, including onboarding, servicing customer relationships, managing portfolios, complying with regulations, and improving advisor collaboration. However, a large number of financial institutions are still running legacy CRM systems that have evolved over time with incremental changes, leaving their customer data disparate and not fully integrated with enterprise applications, workflows inconsistent, duplicate records prevalent and operations increasingly complex. Limitations lead to lower agility, higher maintenance and compliance expenses, and restrict companies to providing timely, customer-centric services in a highly mediated environment. This paper will present an enterprise capability-driven digital transformation framework that encompasses technology change with enterprise capability and enterprise architecture principles and operational goals. The framework organizes essential skill sets from client onboarding through relationship management, portfolio servicing, compliance management and reporting and workflow automation components into hierarchical layers and structures that lead up to a presentation piece, supported by a business services layer, an integration layer, a data management layer and a governance layer. The approach highlights the importance of standardised processes, centralised customer data, service-oriented integration, gradual implementation and robust governance oversight, which helps to enhance data quality, operational efficiency, and system interoperability and minimise implementation risk. The study clearly shows the correlation between appropriate CRM modernization and the ability to achieve sustainable and scalable approaches to digitalization for asset / wealth management organisations.
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