The leading knowledge platform for the financial technology industry
The leading 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

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.

Related content

WEBINAR

Upcoming Webinar: Sanctions – The new pre-trade challenge for the buy-side

Date: 22 September 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Sanctions screening at the security level is a relatively recent requirement for the buy-side. It dives deeper than traditional KYC and AML screening and is immensely challenging as firms must monitor frequently changing sanctions lists, source up-to-date sanctions data...

BLOG

SETL Launches Verafide Digital Credentials Platform for KYC, Other Verification Challenges

Blockchain operator SETL’s Verafide subsidiary has launched its open-source platform for verifying digital credentials and identification on the SETL enterprise blockchain, allowing issuers, holders and verifiers to set up and maintain a digital credentials ecosystem. The Verafide platform is aimed at helping firms fulfill their KYC obligations, adopt more seamless and transparent customer onboarding processes...

EVENT

ESG Data & Tech Summit 2022

This summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...