Best KYC and Client Onboarding Solution
Fenergo is an enterprise software provider headquartered in Dublin, Ireland, with a global team of 800 people. Fenergo provides digital transformation, customer journey and Client Lifecycle Management (CLM) software solutions for financial institutions, including corporate and institutional banks, commercial and retail banks, asset management, private banking and wealth management firms. Fenergo counts over 70 global financial institutions as clients. Its award-winning CLM suite digitally transforms how financial institutions manage clients — from initial onboarding to KYC/AML and regulatory compliance, to data management and ongoing lifecycle KYC reviews and refreshes.
Fenergo’s CLM solutions empower financial institutions to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions. Fenergo provides a KYC backbone for banks which bring into play its KYC services across different business lines, products, jurisdictions and client types. This backbone trades increasing complexity for well-designed simplicity.
Describe your solution (I.e. that which is applicable to your award)
The global regulatory framework in APAC and across the world has been radically transformed in the last 10 years. To help the private banking and wealth management firms address the challenges created by increased regulation, Fenergo’s CLM solutions help institutions to improve customer experiences by efficiently managing the end-to-end regulatory onboarding and entity data management processes. The intelligent rules-driven solution ensures compliance with multiple regulatory frameworks spanning Know Your Customer (KYC), Anti-Money Laundering (AML), and tax regimes such as Foreign Account Tax Compliance Act (FATCA) and CRS.
The solution streamlines the collection, centralisation and sharing of client data and documentation across the institution. By integrating compliance, and screening as well as improving operational efficiencies, Fenergo’s digital CLM solution enables customers to onboard clients up to 82% faster. The key implication of speeding up the onboarding process is that the financial institution can address the issue of high dropouts and enhance the client experience.
What makes it stand out/apart from other similar solutions in the marketplace?
Fenergo takes a community-based approach to regulatory compliance. Working closely with its client base, Fenergo has built a regulatory community in which a global collective of 20,000+ risk and compliance experts convene on a regular basis to discuss the regulatory and technological challenges in the industry and facing their organisations. This singular approach to the market directly feeds into Fenergo’s regulatory and product roadmaps so that its solution meets clients’ exact technology and compliance requirements.
The Fenergo Wealth Management solution combines its experience of implementing large corporate banking solutions for CLM, deep regulatory codification via its rules engine, with a number of specific wealth management journeys. These journeys include the solution to many of the bottlenecks in the process. This includes Source of Wealth, Source of Funds, Trust Administration, Joint Accounts, and Intermediary management as part of the client journey for High Net Worth Individuals.
Fenergo’s solution also encompasses client management — reviews, change of circumstances, and ongoing risk assessment. The solution has inbuilt integration with screening and back office systems, a graphical view of the interconnections between entities and integration with document management and transaction monitoring systems. All of this functionality is delivered digitally to both relationship managers and clients.
Fenergo is therefore the complete AML and KYC solution for multi-jurisdiction private banks and wealth managers across the region.
Explain how it adds value to the business of PBS/WMs
A survey carried out by Fenergo in 2019 of the key challenges affecting private banks and wealth managers discovered client dropout rate, overall time to onboard, interaction with the client and regulatory compliance to be the biggest challenges they face.
The research found:
- 52% of wealth managers are concerned about losing clients to dropouts. By taking over 20 days to onboard a new client, firms increase the risk of the client abandoning applications and turning to competitors for their services. By reducing onboarding times and empowering clients to upload data via a portal, Fenergo reduces the number of dropouts and enhances the customer experience
- Much of the current process within private banking and wealth management involves multiple touchpoints with the customer and inconsistent application of process and procedure. By eliminating these handoffs and creating a straight-through process, Fenergo can improve operational efficiency, reduce operational risk, and reduce onboarding times by 82%
- 90% of respondents did not have a digital client onboarding offering. Fenergo has a “build once, deploy many” approach, allowing the same frictionless customer journey to be surfaced from any channel.
- 55% of respondents spoke of a lack of knowledge of the regulatory boundaries across jurisdictions leading to multiple requests to the end client for KYC data which diminishes the client experience. Fenergo’s CLM solution automates the regulatory review process and future proofs firms against upcoming and evolving regulation.
Global Head of PB & WM
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