Stella Clarke, Chief Strategy and Marketing Officer at Fenergo, summarizes the challenges that financial institutions face in onboarding and managing client relationships. Too often the processes around these journeys waste time and create costly inefficiencies. It notes that clients expect seamless, real-time access to financial services and products. But an over-reliance on manual systems leads to a poor client experience. However, onboarding clients manually across different internal systems is costly, risky and leads to a poor client experience.
A large portion of costs for new client acquisition are related to Know Your Customer (KYC) checks, which are an essential pillar of regulatory compliance. The cost to conduct KYC reviews at banks in 2023 has also increased by 17% in the past year, so increasing the strain on compliance budgets and making it more important than ever to reduce the time to revenue. are only growing more strained year-on-year.
As globalization accelerates and the complexity of financial services offerings increase, operational expenses for FIs financial institutions (FIs) are spiraling out of control as they fight to keep up with increasing customer expectations and financial crime risks.
At the heart of addressing these issues is the need to reduce unnecessary friction. This involves removing inefficiencies both internally between teams as well as externally with clients in the client lifecycle experience.
In order to remain competitive, FIs must strike a fine balance between focusing on providing a superior digital client experience and meeting regulatory obligations.
Digital transformation and client lifecycle management software can help financial institutions provide seamless client experiences while reducing costs and risks.
Fenergo Transforms Client Lifecycle Management
Fenergo helps organizations to orchestrate Client Lifecycle Management (CLM), automating processes from initial identification through onboarding to streamline the entire client journey and optimize every client’s experience. The platform also facilitates ongoing client profile maintenance and real-time change monitoring, to ensure compliance and identify new revenue opportunities.
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