The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Fenergo Research Finds Lack of Strategic Data Management in Client Onboarding

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.”

Related content

WEBINAR

Recorded Webinar: Strategies, technologies and services for successful corporate actions automation

Rising volumes and increasing complexity of corporate actions are challenging market participants’ efforts to reconcile data, automate corporate actions processing, and contain costs. The culprits causing these challenges include legacy systems, missing skills, manual processes, data quality issues, and a lack of standardisation. Added to these is the increasing complexity of corporate actions such as...

BLOG

AxiomSL Integrates ESG and Financial Reference Data to Automate Sustainability Reporting

AxiomSL has released an Environmental, Social and Governance (ESG) solution designed to automate compliance with sustainability and social impact reporting requirements being developed by the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and other regulatory bodies. The solution standardises the process of integrating ESG data attributes, such as counterparty exposures, climate...

EVENT

TradingTech Summit Virtual

TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.

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...