Our client was the private banking division of a large-scale financial services company headquartered in Asia-Pacific.
Friction-filled process, taking on average 40 days to complete, up from 35 days the previous year. The catalysts for the prolonged account opening wait times were a combination of highly manual processes, increased anti-money laundering (AML) and know your customer (KYC) regulatory obligations. Customer experience, as a result, was on a back foot. With 50% of applications being abandoned during the application phase, poor customer experience was costing the private bank up to USD$10 million in lost revenue per annum.
To address this challenge, Fenergo deployed its full end-to-end API-based Client Lifecycle Management solution, including the many components…
To read more about the success of this Regulatory Onboarding implementation, please download the case study.