Global Deal with World Top 20 Bank to Create a Streamlined Client Onboarding Process and Single Source for Client Data
Fenergo, the leading provider of Client Lifecycle Management software solutions for investment, corporate and private banks, has today announced that Santander has selected its core technology solution to achieve a streamlined client onboarding process.
Fenergo CLM will be implemented across Santander Global Corporate Banking in Europe, the Americas and Asia, and across multiple business lines, commencing with the UK.
According to José Muñoz, Global Head of Operations at Santander Global Corporate Banking, “We selected Fenergo CLM as part of a global internal transformation and re-organization program designed to streamline processes and integrate once disparate systems to create a single source of client data and a seamless and well-orchestrated client onboarding journey that ensures compliance with new and evolving regulations and delivers a superior client experience”.
An enterprise platform, Fenergo Client Lifecycle Management technology solutions help financial institutions to manage the end-to-end client lifecycle journey from initial client onboarding to KYC/AML and regulatory compliance, to client data/documentation management and regular and event-driven KYC reviews & remediation, all the way through to client offboarding.
Speaking on the client announcement, Marc Murphy, Fenergo CEO, said, “I am very proud to welcome Santander as a valued Fenergo client. Fenergo unlocks potential for regulatory and digital transformation programs for banks. Built on a next generation technology stack, Fenergo CLM breaks down the regulatory, data, documentation and process siloes that exist between functional and business lines across jurisdictions. By delivering key efficiencies like these, banks can devote key KYC and compliance resources to client-centric and value-added processes and deliver a better and faster client experience. For us, it’s about making the technology work to generate greater ROI and improved TCO (total cost of ownership)”.
According to Greg Casey, Fenergo VP Sales for Europe, “Efficiency is the key to achieve both regulatory management and client service. Fenergo’s Regulatory Rules Engine and updated Regulatory Packs ensure that our clients are kept abreast of – and in compliance with – evolving and new regulatory changes, promoting re-use and automation of existing client and counterparty data and documents to reduce the need to perform outreach to clients in every regulatory and KYC remediation instance”.
By automating the client lifecycle process, Fenergo Client Lifecycle Management technology platform enables banks to:
- Onboard clients quicker and more efficiently – up to 82% faster than a manual process – and improve time to revenue by up to 40%.
- Reduce the cost of onboarding by up to 93% and enable banks to onboard double the number of clients.
- Reduce TCO for compliance and KYC reviews by up to 60%.
- Deliver a superior client experience.