Digital Client Orchestration enables a faster, more efficient, omni-channel customer experience
Dublin, 22nd May 2019 – Fenergo, a leading provider of digital Client Lifecycle Management (CLM) solutions for financial institutions, today announces the launch of Digital Client Orchestration, a suite of CLM tools that integrates front, middle and back office systems using an API-led approach.
A recent Fenergo survey found that over one-third of banks have lost customers due to inefficient or slow client onboarding, costing them $10bn in lost revenue per annum. To counter this challenge, Fenergo Digital Client Orchestration expedites the onboarding process, enabling efficiencies of up to 82% while enabling staff to focus on more value-add tasks.
Fenergo’s Digital Client Orchestration provides a steel thread that digitally directs the customer journey through all internal approval processes, ensuring fast, compliant onboarding, from any front-end channel including mobile, web, desktop and in-person. The suite of tools harness automated workflow rules to eliminate manual data entry errors. Underpinned with a centralized data management approach, financial institutions can achieve a single client view throughout the lifecycle whilst building customer loyalty through optimised customer experiences.
Marc Murphy, CEO, Fenergo, said:
“It’s now or never for banks and financial institutions that haven’t yet embraced digital. The beauty of an API-led approach enables banks and FS institutions to achieve true Digital Client Orchestration by delivering frictionless end-to-end customer journeys to any channel, significantly improving the customer experience and reducing operational inefficiencies.”
Fenergo Digital Client Orchestration is built upon the core Fenergo CLM building blocks including Know Your Customer (KYC) compliance, Anti Money Laundering (AML) screening, global derivatives reform rules, tax compliance, client risk assessment, account opening and client master data.
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 & Asset Servicing, 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 digital 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.