What is client lifecycle management?

Client Lifecycle Management (CLM) refers to the comprehensive process of managing a client's journey with a company, from onboarding and account setup to ongoing relationship management and eventual offboarding. This includes tasks such as due diligence, compliance checks, monitoring client activity, and maintaining up-to-date client records. CLM aims to ensure regulatory compliance, enhance client experience, and optimize operational efficiency by streamlining client-related processes. It is commonly used in industries like banking, finance, and professional services where regulatory requirements are strict.