The Cost of Poor CX
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.
Some findings from the Cost of Poor CX Report include
of financial institutions have lost a client or prospective client due to inefficient onboarding processes
believe poor data management lengthens onboarding and negatively affects customer experience
think a client’s experience during the onboarding process impacts lifetime value
think Improving data and document capture is the highest critical business issue and pain point
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.Download Now
Poor Customer Experience Costs Financial Institutions $10 Billion Per Year
Poor Customer Experience costs financial institutions $10 billion in revenue per year. Fenergo' s report, "The Cost of Poor CX", the first of a three-part series, provides insights from global decision makers within large scale financial institutions towards customer experience within CLM, the end–to–end process management of a client relationship.Read More