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.
This report is based on findings from Fenergo’s CLM survey, which unpacks the sentiment of global decision-makers toward five key areas of client lifecycle management – initial and lifecycle compliance, data and document management, client and product onboarding, digitalization and the evolution of the CLM ecosystem.
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 meaning fully 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.
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.Download Now
Survey Finds Lack of Departmental Collaboration Is Prohibiting Digital Transformation
60% of Financial Institutions Rate Themselves as intermediate or beginner in the Maturity of their CLM Digital Transformation StrategyRead The Press Release
Some findings from Collaboration in the Digital Age
of banks rank themselves as mediocre (between 1 and 5 on a scale of 10) for collaboration across the client lifecycle
of banks have not integrated with a KYC utility or with an external data provider across the customer lifecycle
reported that the absence of a single client view of all data and documentation was a challenge when onboarding a new client or moving them to a new product
of chief data officers believe that visibility and collaboration between internal teams would help alleviate longer onboarding times for clients