The second of Fenergo’s three-part CLM Trends report series looks at how digital maturity and the use of innovative collaboration tools and technology are vital for financial institutions to thrive in today’s digital-first world, and provide a better customer experience.

This report is based on findings from Fenergo’s CLM survey, which unpacks the sentiment of global decision-makers towards five key areas of client lifecycle management – initial and lifecycle compliance, data and document management, client and product onboarding, digitalisation and the evolution of the CLM ecosystem.

We surveyed 250 C-suite executives across data, technology and compliance, within commercial, business, investment and corporate banking in the UK and Europe, Middle East and North Africa, Asia Pacific and North America.

Key Highlights from the report:

• 60% of financial institutions rate themselves as intermediate or beginners in the maturity of their CLM digital transformation strategies
• 20% of banks rank themselves as mediocre (between 1 and 5 on a scale of 10) for collaboration across the client lifecycle
• 88% of chief data officers believe that visibility and collaboration between internal teams would help alleviate longer onboarding times for clients
• 1/3 of banks have not integrated with a KYC utility or external data provider across the customer lifecycle
  

Download the full report above to discover more.