In this commissioned study conducted by Forrester Consulting, Fenergo measures the time, cost and challenges on onboarding complex, institutional clients. The report also explores a case study analysis of the benefits of implementing a Client Lifecycle Management solution.
Key findings show:
- It can take up to 34 weeks to onboard a new client with manual client onboarding processes, 12 weeks for firms with partial onboarding solutions and less than 6 weeks for institutions that have implemented a Client Lifecycle Management solution.
- It can cost up to $25,000 per client to onboard a new client, with the average cost calculated at $6,000 per new client.
- Data quality, operational efficiencies, customer experience and regulatory compliance were cited as the top challenges facing investment and corporate banks.
Financial institutions that have implemented an end-to-end Client Lifecycle Management solution can expect to achieve:
- A 20% increase in operational efficiencies;
- A 30% reduction in client onboarding time and a faster time to revenue;
- A 20% reduction in audit-related costs;
- An improved client experience.