Report: Disruptive Tech Hampered by Legacy Systems
Fenergo, the leading provider of digital Client Lifecycle Management (CLM) software solutions for financial institutions, revealed that 20% of C-suite executives in banks say that the maturity of their technology infrastructures is preventing them from investing in new, disruptive technologies including big data analytics and Artificial Intelligence (AI) to improve CLM. 67% are not currently partnered with a fintech/regtech provider to improve operational efficiencies and just 40% of respondents have integrated with an external data or Know Your Customer (KYC) utility provider.
The report also highlights that 33% of those surveyed have not invested in any technology to improve client onboarding despite 99% agreeing that underinvestment in technology directly impacts client onboarding and retention. Only 15% have automated the collection of data and 74% believe data management is overlooked strategically despite it being among the top three most critical business concerns.
Marc Murphy, CEO, Fenergo, said: â€śOur report findings tell us that the lack of technology investment and maturing infrastructures are creating barriers to digital transformation. By connecting internal and external systems and technologies through specially designed APIs financial institutions can build powerful customer ecosystems without the need for a complete rip and replace. Underpinned with a centralised client data strategy, financial institutions can achieve a single client view across all jurisdictions, business units and products. The automated flow of client data between front and back office enables frictionless end-to-end client journeys, regulatory certainty and enables financial institutions to ultimately disrupt the disruptors.â€ť
Julia Walker, Asia Pacific Head of Risk and Regulatory Solutions at Refinitiv, said: â€śCollaboration with disruptive regtech and fintech providers is crucial for financial institutions seeking to automate the flow of data, streamline KYC and AML compliance processes, while digitally transforming customer experiences.â€ť
This report, entitled Disrupt the Disruptors, is the final instalment of a three-part CLM trends report series and is based on the findings of a survey of 250 C-suite executives across data, technology and compliance, within commercial, business, investment and corporate banks. Respondents were based in banks of varying sizes across the world.
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