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: Adding cloud to your high performance trading infrastructure

Adding cloud to high performance trading infrastructure offers the benefits of scalability, faster development, and lower capex costs – but can it meet required speeds of data delivery, does it limit the extent of available data, and how can low-latency data be sourced in the cloud? Still more, is it feasible to run a complete...

BLOG

Data Quality Still Troubling Private Market Investors: Webinar Review

Obtaining and managing data remains a sticking point for investors in private and alternative assets as financial institutions sink more of their capital into the markets. In a poll of viewers during a recent A-Team LIVE Data Management Insight webinar, respondents said the single-biggest challenge to managing private markets data was a lack of transparency...

EVENT

TradingTech Summit London

Now in its 15th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Putting the LEI into Practice

Hundreds of thousands of pre-Legal Entity Identifiers (LEIs) have been issued by pre-Local Operating Units (LOUs) in the Global LEI System (GLEIS), and the standard entity identifier has been mandated for use by regulators in both the US and Europe. As more pre-LEIs are issued ahead of the establishment of the global systems’ Central Operating...