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

Lack of Senior Management Buy-in is Prohibiting Digital Transformation, Finds Fenergo

Subscribe to our newsletter

Digital maturity is still a long way off for financial institutions, according to new research by Fenergo, provider of digital Client Lifecycle Management (CLM) software solutions for financial institutions. The findings of Fenergo’s CLM Report, which is the second in a three-part series, showed that fewer than half (40%) of the 250 financial institutions surveyed are advanced in their CLM digital transformation strategy, with departmental collaboration and difficulty getting buy-in from senior management key prohibitors to change.

On a collaboration scale of 1-10, with 1 indicating working in complete siloes, and 10 meaning fully collaborative, commercial banks performed the worst across the sector with a third of firms (33%) ranking at 5 and below. However, with over 54% of banks stating the lack of single client view is a key pain point for the business, it’s clear that a greater focus on departmental collaboration is required.

The majority of banks (87%) stated the need to get buy-in from senior management across different business areas is a major barrier to improving and investing in CLM, while 88% of Chief Data Officers believe that increasing visibility and collaboration between internal teams would help to alleviate longer onboarding times for clients.

Sixty percent of financial institutions rate themselves as intermediate or beginners in the maturity of their CLM digital transformation strategy. The US is the least advanced out of all the nations, with only 13% claiming an expert level of digital maturity, while the UK is the most advanced (24%), closely followed by APAC (21%).

However, almost a third (29%) of banks have not yet integrated with a KYC utility or with an external data provider across the customer lifecycle.

“What often stands in the way of collaboration is the historical growth path of financial institutions. When banks have been built upon revenue streams that are not interdependent, it results in teams that are not required to collaborate,” says Fenergo CEO Marc Murphy. “However, collaboration across departments and business lines is a key factor in achieving digital transformation and improving customer experiences.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: MiFID II: Data for transaction reporting

Markets in Financial Instruments Directive II (MiFID II) is complemented by Markets in Financial Instruments Regulation (MiFIR), which builds out transaction reporting requirements with a number of new reporting obligations. The data and data management challenges of reporting include an increase in instruments that must be reported and the addition of several new fields to...

BLOG

A-Team Group Announces Winners of RegTech Insight Awards Europe 2025

A-Team Group has announced the winners of its RegTech Insight Awards Europe 2025. The awards recognise both established providers and innovative newcomers providing RegTech solutions to capital market participants that significantly improve their ability to respond effectively to evolving and ever more complex regulatory requirements. This year’s RegTech Insight Awards Europe included more than 40...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Regulatory Data Handbook 2025 – Thirteenth Edition

Welcome to the thirteenth edition of A-Team Group’s Regulatory Data Handbook, a unique and practical guide to capital markets regulation, regulatory change, and the data and data management requirements of compliance across Europe, the UK, US and Asia-Pacific. This year’s edition lands at a moment of accelerating regulatory divergence and intensifying data focused supervision. Inside,...