The Cost of Poor CX

Fenergo announced findings from the company’s industry trends report series, which found that “poor customer experience” is costing financial institutions $10 billion in revenue per year

 The Cost of Poor CX

The Fenergo CLM industry trends report series unpacks the sentiment of global decision makers towards key areas of client lifecycle management (CLM) - initial and lifecycle compliance, data & document management, client & product onboarding, the impact of technology/digitalisation and the evolution of the CLM ecosystem.

Survey of 250 C-Suite Banking Executives across data, technology and compliance, within the commercial, business, investment and corporate banking space in UK & Europe, Middle East and North Africa, Asia Pacific and North America.

The Cost of Poor Customer Experience, the first of three reports, found that poor data management negatively resulted in $10B in lost revenue. The analysis of the financial and reputational costs of poor CX linked improving the customer experience with increased ROI.

 

 

Resources

Report - Part 1

CLM Industry Trends Report Series 2019

The Cost of Poor Customer Experience, the first of three reports, found a tension between the need to gather data for KYC compliance and the speed of onboarding; with 26% surveyed believing that KYC regulations will have the greatest impact on the overall customer experience.

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Report - Part 2

Collaboration in the Digital Age

The second of Fenergo’s three-part Client Lifecycle Management (CLM) Trends report series looks at how digital maturity and the use of innovative collaboration tools and technology are vital for financial institutions to thrive in today’s digital-first world, and provide a better customer experience.

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Some findings from the Cost of Poor CX Report include

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of financial institutions have lost a client or prospective client due to inefficient onboarding processes

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believe poor data management lengthens onboarding and negatively affects customer experience

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think a client’s experience during the onboarding process impacts lifetime value

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think Improving data and document capture is the highest critical business issue and pain point

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