Relationships

The Relationships feature in Open Cloud MDM is a critical functionality designed to establish and manage the connections between different accounts. This feature enables the creation of a network of relationships across various accounts, facilitating a more integrated and holistic view of an individual's or organization's financial landscape.

Key Functionality

1. Creating Inter-Account Relationships : This feature allows for the establishment of links between different accounts. These relationships are crucial for understanding the interconnected nature of various financial products and services an individual or organization might be involved with.

Relationships Example Use Cases

• Integrated Financial Management: For instance, a Value Package managed account can be connected to both a retirement plan account (like a 401K Plan) and a Mortgage account. This interconnected view allows for a comprehensive understanding of an individual's financial status, aiding in better financial planning and decision-making.
• Holistic Customer View: Financial institutions can use these relationships to gain a holistic view of their customers' finances. Understanding how different accounts are interrelated helps in offering tailored financial advice, products, and services.
• Cross-Selling Opportunities: By recognizing the relationships between different accounts, institutions can identify cross-selling opportunities. For example, if a customer has a retirement account and a high-value managed account, the institution might offer wealth management services.
• Risk Management and Compliance: Understanding the network of relationships between accounts assists in risk assessment and compliance monitoring. It helps in identifying potential risks arising from the interconnectedness of accounts.
• Customer Lifecycle Management: Relationships between accounts can be instrumental in tracking the evolution of a customer’s needs and financial status over time, guiding institutions in offering relevant services at different life stages.
• Streamlined Account Administration: The administration of related accounts can be streamlined, as changes or updates in one account could automatically be reflected in the related accounts, where applicable.
• Enhanced Customer Service: Provides the ability to offer enhanced customer service by understanding the customer’s complete financial picture, leading to more efficient and effective service delivery.
• Financial Analysis and Reporting: Facilitates more comprehensive financial analysis and reporting by accounting for the interconnected nature of various financial instruments and investments.

The Relationships feature within Open Cloud MDM is a vital tool for creating and managing the connections between different accounts. It enables financial institutions and other organizations to gain a comprehensive view of their customers’ financial landscapes, enhancing financial management, customer service, risk management, and business development.