Transforming client experiences by replacing manual ad-hoc KYC processes
DUBLIN, Oct. 30, 2019 /PRNewswire/ -- Fenergo, the leading provider of digital Client Lifecycle Management solutions (CLM) for financial institutions, today announces the product enhancement, Digital KYC, a real-time Know Your Customer (KYC) solution for financial institutions seeking to automate and perpetuate KYC compliance reviews.
The rules-driven Digital KYC solution delivers a risk-based approach to ongoing KYC to increase operational efficiency, lower the cost of compliance, achieve regulatory certainty and optimise client experiences.
The API-enabled solution compliments a financial institution's existing CLM suite by automating continuous customer due diligence (CDD) reviews for low to medium-risk clients. This Straight Through Processing (STP) of client onboarding allow compliance staff to focus their efforts on high risk, high value tasks.
Leveraging existing data from internal and external data sources, Digital KYC reduces the need for repeated manual requests for client data, delivering a streamline customer experience.
Greg Watson, Global Head of Corporate & Institutional Banking, Fenergo, said: "In today's increasingly complex regulatory environment with heightened scrutiny, financial institutions shoulder the burden of highly manual KYC checks performed on an ad-hoc basis. Not only is this time consuming and costly, it leaves financial institutions open to risk. By listening to our client community, we have created a digital KYC solution that replaces error-prone processes with automation, digitalising client journeys while fulfilling regulatory obligations."
About Fenergo (www.fenergo.com)
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides digital Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, Private Banking & Wealth Management. Counting 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 CLM empowers financial institutions to deliver a faster, compliant and frictionless customer experience while achieving a single client view across channels, products, business lines and jurisdictions.
Fenergo's community-based approach to product development allows clients to collaborate on solution design on a global scale. Its rules-driven solution ensures compliance with multiple global and local regulatory frameworks including AML, KYC, SFTR, Tax (CRS, FATCA, 871M), OTC Derivatives (EMIR, Dodd-Frank, MiFID II, Margin Requirements) and data privacy rules (GDPR). It supports the collection, centralization and sharing of client and counterparty data and documentation across the institution and deploys an API-first approach to advanced integration with a host of external KYC, AML and entity data providers, KYC and industry utilities. The solution is underpinned by next generation Artificial Intelligence, Robotics Process Automation and Machine Learning technologies, using advanced OCR and NLP capabilities to extract information, expedite compliance and improve operational efficiencies.