Fenergo has published the final instalment of its three-part Client Lifecycle Management Trends Report – Disrupt the Disrupters. Headline statistics show 33% of the C-suite banking executives surveyed for the report have not invested in any technology to improve client onboarding, despite 99% agreeing that underinvestment in technology directly impacts onboarding and retention. Only 15% have automated the collection of data and 74% believe data management is overlooked strategically, despite its presence in the top three most critical business concerns for respondents.
Other headlines from the research include 20% of executives surveyed saying a lack of maturity in their technology infrastructure is preventing them from investing in new, disruptive technologies, including big data analytics and Artificial Intelligence (AI), to improve client lifecycle management. Some 67% are not partnered with a fintech/regtech provider to improve operational efficiencies, and just 40% of respondents have integrated with an external data or Know Your Customer (KYC) utility provider.
The report is based on research carried out by Fenergo spanning 250 C-suite executives across data, technology and compliance, within commercial, business, investment and corporate banks. Respondents were based in banks of varying sizes across the world.
Marc Murphy, CEO at Fenergo, comments: “Our report findings tell us that a lack of technology investment and mature infrastructure are creating barriers to digital transformation.” To improve the situation, he suggests connecting internal and external systems and technologies through specially designed application programming interfaces (APIs) that allow financial institutions to build customer ecosystems without the need for a rip and replace solution. With a centralised client data strategy, firms can then achieve a single client view across all jurisdictions, and automate the flow of client data between the front and back office. Murphy adds: “This enables frictionless end-to-end client journeys, and certainty. It also enables financial institutions to ultimately disrupt the disruptors.”
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