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: Unlocking Competitive Edge with Outsourcing and Managed Services in Trading Technology

Outsourcing has emerged as a strategic solution for capital markets firms as trading technology infrastructures become more complex, data volumes grow exponentially, and regulatory pressures intensify. .By leveraging third-party expertise, firms can optimise operations, reduce costs, and focus on innovation in their trading technology stack. Outsourcing potentially enables firms to scale seamlessly, meet regulatory reporting...

BLOG

A-Team Group Announces Winners of its Data Management Insight Awards Europe 2025

A-Team Group has announced the winners of its Data Management Insight Awards Europe 2025, celebrating the latest outstanding contributions from companies recognised for their innovation, expertise and performance.  Now in its fourth year, these annual awards acknowledge the leading providers of data management solutions, services and consultancy services to capital markets participants across Europe. Established...

EVENT

AI in Capital Markets Summit London

Now in its 3rd year, the AI in Capital Markets Summit returns with a focus on the practicalities of onboarding AI enterprise wide for business value creation. Whilst AI offers huge potential to revolutionise capital markets operations many are struggling to move beyond pilot phase to generate substantial value from AI.

GUIDE

Managing Valuations Data for Optimal Risk Management

The US corporate actions market has long been characterised as paper-based and manually intensive, but it seems that much progress is being made of late to tackle the lack of automation due to the introduction of four little letters: XBRL. According to a survey by the American Institute of Certified Public Accountants (AICPA) and standards...