Client Off-Boarding

Fenergo’s Client Lifecycle Management solutions enables financial institutions to manage the end-to-end client lifecycle from initial onboarding all the way through to the off-boarding of the client or account. 

Why Conduct Client Off-Boarding?

Client off-boarding may be defined as the proactive management and removal of redundant, obsolete or incorrect information held on clients, accounts and assets. Inactive or dormant accounts are not a revenue stream and can actually cost your financial institution money, as they still need to undergo regulatory (AML and KYC), credit worthiness checks and reviews each year (not to mention all of the staff, technologies and operational processes required to maintain these review processes). And of course, the higher the risk associated with the client, the more frequent these reviews must be conducted, potentially using higher-skilled staff to ensure full due diligence compliance. One financial institution has estimated that it costs them up to £3,000 per client per year to maintain accounts that they know to be dormant.

Fenergo’s Client Lifecycle Management solution enables financial institutions to off-board clients seamlessly. The criteria to off-board clients / accounts differs from institution-to-institution, however, Fenergo recommends the following as a guideline:

Just like the client onboarding process, the client off-boarding process is equally data and document-heavy (due predominantly to the need to evidence all regulatory compliance obligations). Given that most financial institutions are quite silo’d in nature (using numerous complex IT systems across various functional, business line and jurisdictional divides and storing client and counterparty data across a raft of data repositories with little or no interconnectivity), this adds a further level of complexity when attempting to off-board a client / account.

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THE BENEFITS

  • Cost Effective

    Save operational and compliance costs related to reviewing clients and accounts in accordance with regulatory review processes.

  • Updated

    Cleanse and remediate accounts, data and documentation.

  • Keep Connections

    Opportunity to reconnect with lapsed clients to determine if their needs are being met with current products / services or could be better met with another selection of products.

  • Compliance

    Achieve a more compliant and auditable Client Lifecycle Management process.

RESOURCES

brochure

Client Lifecycle Management Brochure

Fenergo’s lifecycle approach to client management means that our solution goes beyond initial onboarding and takes a lifetime view of the client, enabling the financial institution to perform data refreshes, ongoing due diligence and use the centralized data to support new regulatory obligations, as well as upsell and cross-sell opportunities.

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whitepaper

A Vision for Client Lifecycle Management: Connecting the Data

Explore how Financial Institutions are spending more time, effort and money than is strictly necessary to manage regulatory data and documentation in compliance with a range of regulatory frameworks throughout the client lifecycle.

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Blogs

  • GDPR in Context: 10 Data Subject Rights

    GDPR introduces 10 new rights to data subjects. Chapter III of GDPR, Section 1 provides for some of the transparency requirements placed upon data controllers as they communicate with data subjects. It explicitly refers to several Articles 13 – 22 and 34.

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  • 13 Points of Clarification for FinCEN Final Rule (CDD)

    This guidance provides much-needed clarifications on a number of fronts, including beneficial ownership thresholds, account definitions, risk-based monitoring, treatment of non-US listed entities and pre-existing customers.

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  • Managing Record Keeping, Data Erasure & Client Offboarding under GDPR

    GDPR is has introduced substantial financial penalties for banks who fail to meet the new rules on the management of personal data of EU residents.

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