About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Deficient Data Management Contributes to Poor Customer Experience Costing FIs $10 Billion a Year

Subscribe to our newsletter

Deficient data management lengthens client onboarding and contributes to a poor customer experience that costs financial institutions $10 billion a year and impacts the lifetime value of each client.

Other headline statistics in a report from client lifecycle management specialist Fenergo show that improving data and document capture is ranked the highest critical business issue and pain point by financial institutions, above complying with rising numbers of regulatory requirements. One in three financial institutions have lost customers due to inefficient or slow onboarding.

The report, prepared by independent research house Raconteur and surveying 250 C-suite executives across globally located commercial, business, investment/institutional and corporate banking institutions, drives home the need to improve customer experience and notes that financial institutions are being driven to digitalise the customer journey to achieve an enterprise wide view of client and counterparty data.

Marc Murphy, CEO at Fenergo, comments: “This report shows the impact that client onboarding inefficiencies and a hesitancy to digitalise processes have on the customer experience and how it directly effects the bottom line. The efficient handling of client data through digital transformation must be achieved by financial institutions if they are to gain competitive advantage in the digital-first world.”

This initial report is part of Fenergo’s trends report series and will be followed by further reports later this month and in March.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: MiFID II and FRTB Data Analytics, Benchmarks and Risk Modelling

Markets in Financial Instruments Directive II (MiFID II) and the Fundamental Review of the Trading Book (FRTB) require huge volumes of data to be sourced and managed. This webinar will discuss what sort of data analytics you need to implement to be able to process and analyse MiFID II data, and what risk model data,...

BLOG

Leaders Scrutinise a Changing Industry at A-Team Group’s Annual Data Management Summit New York City

Experts and executives from across the financial data ecosystem gathered at A-Team Group’s Data Management Summit New York 2025 last week to discuss and probe the latest innovations, trends and strategies in our fast-moving industry. From data quality and artificial intelligence agents to modern data architectures and data products, a multitude of current topics were...

EVENT

RegTech Summit London

Now in its 9th year, the RegTech Summit in London will bring together the RegTech ecosystem to explore how the European capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

The Reference Data Utility Handbook

The potential of a reference data utility model has been discussed for many years, and while early implementations failed to gain traction, the model has now come of age as financial institutions look for new data management models that can solve the challenges of operational cost reduction, improved data quality and regulatory compliance. The multi-tenanted...