Fenergo and Deloitte join forces to deliver greater efficiency through client lifecycle management automation
8 August 2024. Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring (TM) and Client Lifecycle Management (CLM), and Deloitte Ireland, today announce an agreement to deliver Fenergo’s AI-powered CLM solutions to financial institutions across EMEA.
The alliance combines Fenergo’s best-in-class technology with Deloitte’s technology-enabled business transformation expertise to create a Centre of Excellence for CLM. The collaboration will empower financial institutions and corporates to better address evolving KYC, anti-money laundering (AML) and environmental, social and governance (ESG) regulatory obligations while driving operational excellence and enhancing end-to-end customer experiences.
The alliance responds to increasing demand for optimised digital client onboarding and the need to drive efficiency across KYC and AML operations. Fenergo’s research has found that slow and inefficient onboarding processes have caused nearly half (48%) of global financial institutions to lose clients. To address this challenge, Fenergo and Deloitte Ireland will deploy AI-powered Software as a Service (SaaS) CLM, which will digitalise client onboarding and lifecycle management journeys, and in turn accelerate the time it takes to generate revenue while enabling firms to better identify and mitigate risk.
We’re excited to collaborate with Deloitte Ireland to deliver our AI-powered CLM solutions to financial institutions and corporates across EMEA,
said Matt Edwards, Global VP of Partnerships and Alliances, Fenergo.
With the unrelenting evolution of global regulation and the need for firms to simultaneously drive growth, the demand for our CLM solutions has risen exponentially and expanded beyond financial services. With the addition of AI, the transformative power of CLM is even more accessible and rapid. Our alliance agreement with Deloitte will enable us to accelerate implementation while helping firms build a more sustainable and compliant future, while delivering a step change in customer experience.
Graham Healy, Consulting Partner, Deloitte Ireland said:
Transforming organisations by using AI is something we’re committed to in Deloitte. Our collaboration with Fenergo and the launch of our Centre of Excellence illustrates our focus on providing innovative technology solutions to our clients that drive competitiveness and efficiency. We believe our mutual clients will also benefit from our broader expertise across financial advisory, business change and target operating model services.
Financial institutions will also benefit from Fenergo's unrivalled Perpetual KYC capabilities which streamline and automate periodic KYC review cycles by continuously monitoring client profiles for risk using real-time data. Firms can also leverage Fenergo to more effectively manage ESG requirements in response to growing demand for sustainable and socially responsible investing.
About Fenergo:
Fenergo is the leading provider of AI-powered Client Lifecycle Management (CLM) solutions that digitally transform how financial institutions, asset management and fintech firms and corporates onboard and manage clients throughout their client lifecycle. Its software digitally orchestrates every client journey from initial Know your Customer (KYC) and client onboarding, automating regulatory compliance and enabling continuous monitoring throughout the client lifecycle (transaction monitoring, perpetual KYC), all the way to client offboarding. Fenergo is recognized for its in-depth financial services and regulatory expertise and out-of-the-box rules engine which ensures financial institutions are future-proofed against evolving Environmental, Social and Governance (ESG), KYC, Anti-Money-Laundering (AML), tax and prudential regulations across 120+ jurisdictions.
About Deloitte
At Deloitte, we make an impact that matters for our clients, our people, our profession, and in the wider society by delivering the solutions and insights they need to address their most complex business challenges.
As the largest global professional services and consulting network, with approximately 457,000 professionals in more than 150 countries, we bring world-class capabilities and high-quality services to our clients.
In Ireland, Deloitte has approximately 3,000 people providing audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. Our people have the leadership capabilities, experience and insight to collaborate with clients so they can move forward with confidence.
In this press release references to Deloitte are references to Deloitte Ireland LLP. The information contained in this press release is correct at the time of going to press. Deloitte Ireland LLP is the Ireland affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.
Media Contact(s):
Declan Jackson
Deloitte Ireland Communications
dejackson@deloitte.ie
+353 1417 3522
Georgina Francis
Deloitte Ireland Communications
gefrancis@deloitte.ie
+353 1584 5459