The largest bank in UAE, First Abu Dhabi Bank (FAB), bolsters CLM operations with Fenergo
Key takeaways
- First Abu Dhabi Bank (FAB), the largest bank in the UAE, integrated Fenergo's SaaS CLM solution to speed up onboarding and enhance AML compliance.
- FAB began onboarding new SMB clients within six months of implementing the solution, with corporate and institutional rollout to follow.
- The solution delivers end-to-end digital onboarding and risk assessment for sanctions, AML and KYC, straight-through processing low-risk customers.
- It gives FAB a holistic view across the client lifecycle, reducing silos and increasing cross-functionality between teams.
19th June, 2024 – Dublin & London – Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management (CLM), announces today that First Abu Dhabi Bank (FAB) the largest bank in the United Arab Emirates (UAE), has integrated Fenergo’s software-as-a-solution (SaaS) CLM solution to speed up client onboarding and enhance its anti-money laundering (AML) compliance processes.
FAB could start onboarding new small to medium-sized business (SMB) clients within six months of implementing Fenergo’s API and configuration-first solution. In the coming months, FAB will roll out the platform to support corporate and institutional clients.
Fenergo will enable FAB to deliver end-to-end digital client onboarding and risk assessment for sanctions, AML and KYC. This will allow FAB to straight-through-process its low-risk customers, enhancing onboarding efficiency and minimising costs. By deploying Fenergo’s CLM solution, FAB will gain a holistic view across every stage of the client’s life cycle, from initial client onboarding, regulatory compliance and maintenance and off-boarding. This will help the bank reduce silos, increase transparency and ensure greater cross functionality between technology, data and operations teams.
Beyond delivering greater operational efficiency and regulatory certainty for the bank, Fenergo’s SaaS solution will enable FAB to stay abreast of the developing needs and expectations of customers. This will empower it to provide customers with a best-in-class client experience — a primary factor behind FAB’s decision to deploy Fenergo.
FAB is one of the most prominent financial institutions in the UAE, recognised for its commitment to providing outstanding customer service. As the preeminent bank in the country, FAB provides a comprehensive range of financial products and services to serve the diverse and growing needs of its clients.
Fenergo’s SaaS CLM is powered by Amazon Web Services (AWS).
