Landesbank Baden-Württemberg (LBBW) selects Fenergo for International Business
Key takeaways
- Landesbank Baden-Württemberg (LBBW), Germany's largest Landesbank with total assets of €324 billion, has selected Fenergo to provide a new cloud-based client onboarding system.
- Fenergo's solution will support LBBW's business in Europe (excluding Germany), the UK and Asia, covering around 1,500 institutional and corporate customers.
- The bank aims to automate its compliance processes, increase operational efficiencies and implement regulatory changes faster while streamlining customer onboarding.
- The deal marks a milestone in Fenergo's expansion in Germany, where its research found the highest global proportion of banks spending more than half their compliance budget on KYC.
11th September 2024, London - Landesbank Baden-Württemberg (LBBW), Germany's largest state bank, has selected Fenergo, the leading provider of solutions for know your customer (KYC), client lifecycle management (CLM) and transaction monitoring to provide a new cloud-based client onboarding system to enhance its compliance processes.
Fenergo will support LBBW's business in Europe (excluding Germany), the United Kingdom and Asia and thus around 1,500 institutional and corporate customers.
With total assets of €324 billion, LBBW is Germany’s largest Landesbank. The bank selected Fenergo to enhance automation of its compliance processes and increase operational efficiencies. This will strengthen the bank's reputation and competitiveness as part of its international growth.
Ruth Ormsby, Managing Director of EMEA at Fenergo, says: "The cooperation with LBBW is an important milestone for Fenergo as we expand our footprint in Germany. Our mission is to support local financial institutions (FIs) on the path to digital transformation by applying our deep experience gained from transforming the world’s most well-known and largest FIs.”
“Many German banks are focused on modernising compliance solutions especially for client onboarding and customer lifecycle management,” continued Ormsby. “Fenergo enables firms to digitalise and automate onboarding and compliance processes throughout the client lifecycle to increase operational efficiencies, improve customer experience and ensure regulatory obligations are met, thus avoiding costly penalties."
Jonathan Bashforth, Head of Compliance EMEA at LBBW, adds: "We expect Fenergo’s solutions to increase efficiency in the areas of onboarding and customer data management. Thanks to the higher degree of automation, we can implement regulatory changes faster while delivering more streamlined customer onboarding journeys and thus achieve greater customer satisfaction."
Fenergo recently analysed global spend on KYC processes for its "KYC Trends in 2023" study. The results show that, at 22 per cent, Germany has the highest proportion of banks worldwide that spend more than half of their total compliance budget on KYC processes. Fenergo’s solution delivers savings on KYC and anti-money laundering (AML) costs through process automation, system consolidations and the introduction of modern cloud technologies.
