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Banking SOS: Industry Trends Report 2020

A Commercial and Business Banking trends report based on more than 500 interviews with senior decision-makers at global commercial and business banks.

This exclusive report has found that many commercial & business banks risk extinction as slow onboarding and manual processes drive customers away and into the hands of digital providers such as; Revolut, Monzo, Vimeo, N26, Amazon, Alibaba and so many more. 


Key findings include:

  • 78% of the banks surveyed said that they have lost customers to digital-first, disruptive competitors already
  • 92% of CEOs agree that they need to transform radically to compete with digital-first neo banks
  • 41% of banks rely on manual processes and excel for KYC
  • 1 in 5 banks have actually increased onboarding times not lowered them



Access The Free Report! 

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Whilst banks such as Revolut and Simple have the benefit of being digital-first, it’s not too late for more traditional commercial and business banks to bring their processes up to date and adequately compete. If they don’t make these changes, money and customer losses will be such that they’re unlikely to survive a downturn.

James Follette
Global Head of Commercial, Business and Retail Banking, Fenergo
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DATE
JULY 20, 2019

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2:00pm EST

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About Fenergo

Fenergo is a leading provider of Client Lifecycle Management, AML/KYC Compliance and Client Data Management solutions for investment, corporate, commercial and private banks.

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