A new report from Fenergo has found that ‘poor customer experience’ costs the financial institutions $10bn in revenue annually.

The company, which provides digital client lifecycle management (CLM) software solutions to the financial institutions, reported the findings from its industry trends report series.

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The report is devised surveying 250 C-suite executives across various types of banking institutions.

Fenergo report: Details

The industry trends report highlighted that around 36% of the financial institutions lose customers due to inefficient on-boarding procedures.

Around 81% of the respondents opined that poor data management extends on-boarding negatively affecting customer experience. 84% of the executives believed that client experience during the on-boarding process affects lifetime value of the client.

The report stated that 42% of commercial banks lost a customer or a prospective client due to poor on-boarding processes. It was followed by investment banking and corporate banking with 37% and 30%, respectively.

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Additionally, the Fenergo report added that procurement of data and documents is the most critical business issue (31%). Compliance with increasing regulatory requirements (19%) and improving data management (18%) were the second and third highest pain points.

Fenergo CEO Marc Murphy said: “This report clearly shows the impact that client on-boarding inefficiencies and a hesitancy to digitalise processes have on the customer experience and how it directly effects financial institutions’ bottom line.

“With challenger banks disrupting the customer experience, the efficient handling of client data through digital transformation must be achieved by organisations if they are to gain a competitive advantage in today’s digital-first world.”