Pioneering Growth Through Automation
In this video we sit down with Christian Brugger, Director of Americas, Client solutions at Fenergo, to discuss how leveraging technology for client lifecycle management (CLM) pioneers growth for financial institutions.
Christian explains why, when a firm takes a manual approach to CLM and financial crime compliance, it’s always bound to restrict growth. Research from Fenergo into Know Your Customer (KYC) trends in banking revealed that nearly half (48%) of banks globally said they have lost clients due to slow or inefficient onboarding processes. Manual processes should therefore only ever be a temporary measure for financial institutions (FIs) and a stopgap for compliance.
Automation is the solution. FIs can move beyond compliance stopgaps and focus on accelerating the customer journey. Automation makes the onboarding and monitoring of clients more efficient and effective. These processes are highly inefficient when done manually, but leveraging automation means FIs can stay ahead of bad actors, suspicious client behaviors, audit issues, and potential fines for non-compliance.
Manual compliance doesn’t just restrict growth – it represents a huge cost center for banks and FIs. But it doesn’t have to be this way, and firms don’t have to accept poor processes to establish a relationship with a customer.
Properly built and maintained client profiles deliver value when it comes to upselling and cross-selling to clients. Rather than being created to tick a box, client profiles are a rich source of data ready to be used by other areas of the business. This really drives home the importance of security, consistency, and efficiency in client lifecycle management processes.
Watch the video to understand:
- Why manual approaches to compliance restrict growth
- How automation improves compliance processes
- The technical benefits of Fenergo Client Lifecycle Management
- How software-as-a-service (SaaS) allows for faster implementation and deployment
Ready to unlock growth through automation? Book a demo today.