Survey Finds Lack of Departmental Collaboration Is Prohibiting Digital Transformation

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60% of Financial Institutions Rate themselves as Intermediate or Beginner in the Maturity of their CLM Digital Transformation Strategy

26th March 2019 – Digital maturity is still a long way off for financial institutions, according to new research by Fenergo, the leading 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 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 meaningful 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.

Marc Murphy, CEO, Fenergo, said

“What often stands in the way of collaboration is the historical growth path of banks and asset managers. When banks have been built upon revenue streams that are not interdependent, it results in teams that are not required to collaborate. However, collaboration across departments is a key factor in achieving digital maturity.”

The report also highlighted that the UK is the most advanced when it comes to CLM digital transformation strategy with the US lagging behind.

Highlights from the report include:

Fenergo’s CLM report is based on the findings from a global proprietary market survey, which engaged with 250 C-suite executives across the commercial, business, investment/institutional and corporate banking institutions. Respondents were based in financial institutions of varying sizes, from 0-500 employees to those boasting 10,000+ employees, with their primary location of operation spanning UK & Europe, Middle-East and North Africa, Asia Pacific and North America.

Read the full report here.