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Product Update: Q2 2024
We update Fenergo with hundreds of product releases regularly. But we appreciate that’s a lot to keep up with at the best of times. Our customers receive detailed information each month and now we’ve decided to take the most compelling updates that we make to Client Lifecycle Management (CLM) from each quarter to share with our wider audience.
Intelligent Document Processing (IDP)
We launched our AI-powered Intelligent Document Processing capability in June 2024. And we’ve built on it considerably since then. Now clients can automatically analyze and classify uploaded documents based on their content, matching them to predefined document types.
The system then extracts relevant document and entity data from the documents and links them to the appropriate document requirements within a client’s task workflow. By automating the extraction of key data points from documents, clients can optimize efficiency, minimize errors, and enhance the overall onboarding experience.
Document Classification and Metadata Extraction
This update uplifted and improved some of our existing functionality for IDP – with advancements in AI moving in leaps and bounds every month we’re working hard to ensure that Fenergo stays at the cutting edge of operational AI.
We’ve made real improvements to our IDP product, with highlights including the capability to:
- Automatically analyze and classify uploaded documents based on their content, matching them to predefined document types
- Extract relevant metadata from the documents and link them to the appropriate document requirements within a given task workflow
- Streamline the document handling process further, ensuring that documents are correctly identified and associated with the necessary requirements without manual intervention
Why are we doing it?
Manually classifying documents and extracting metadata is time-consuming and prone to errors. This feature addresses these challenges by automating the process, reducing the workload on users, minimizing errors, and speeding up the overall process.
- Increased Efficiency
Automates document classification and metadata extraction, reducing manual effort and processing time.
- Improved Accuracy
Minimizes human error in document handling, ensuring correct classification and metadata extraction. - Enhanced Compliance
Ensures that documents are correctly identified and linked to regulatory requirements, aiding in compliance management. - Better User Experience
Simplifies the onboarding and document management process for clients, leading to faster and smoother interactions.
Entity Data Extraction
Our IDP solution has had so many updates this quarter we had to split it out into two sections. Entity data extraction introduces the ability to automate the process of extracting key data points from uploaded documents, such as Certificates of Incorporation, Account Opening Forms, etc.
This includes identifying and extracting information like Company Name and Date of Incorporation for the primary entity in the journey.
Why are we doing it?
Manual data entry processes are prone to errors and consume valuable time. By automating the extraction of key data points from documents, we aim to optimise efficiency, minimize errors, and enhance the overall onboarding experience for our clients.
Customer Benefits:
- Reduced manual data entry efforts
- Saves time and increases productivity across the entire CLM journey
- Improved accuracy and consistency in data extraction - reduced risk of errors
- Streamlined onboarding process - faster client onboarding and enhanced customer satisfaction
Dun & Bradstreet Integration
The integration allows the External Data feature to enable users to enrich client records with data from various data providers. Fenergo currently supports out-of-the-box (OOTB) integrations with Kompany and Orbis.
We are expanding this capability by adding Dun & Bradstreet as a new OOTB External Data provider. This integration will use the Dun & Bradstreet Direct+ API to enrich company client data & hierarchy.
Why are we doing it?
To further enhance our suite of OOTB Data Provider integrations particularly in jurisdictions such as the US and provide clients with an improved choice of data providers.
- Enhanced Data Enrichment
Users will have access to a broader range of data sources, allowing for more comprehensive client record enrichment. - Simplified Integration
The addition of Dun & Bradstreet as an OOTB provider simplifies the integration process, eliminating the time and complexity of connecting this data source as a custom provider. - Compatibility with Existing Setup
This adapter will work with all standard platform features, including the New Request flow and External Data task, ensuring consistency with the existing setup.
External Data Auto-Completion
External data automation capabilities have been further enhanced to allow for:
- The automatic import of related parties where no duplicate matches are identified
- The automatic linking of a related party to the current entity where a single exact match is found
This supplies the ability to automatically Import Related Parties in the External Data Combined task when the Related Party is a New entity to Fenergo, or Link to a current entity if a single exact match is found when checking for duplicates in Fenergo. The system checks for new or duplicate entities based on a Unique identifier (OrbisID).
Why are we doing it?
To further enhance the capability of the External Data task by providing the ability for clients to import Related Parties automatically
Products: Investment Accounts
Investment Account Profile Pages
For the Asset Servicing market, a new task type has been introduced that enables the linking of investors to funds through investment accounts.
However, currently, it is only possible to view investment accounts related to an entity, from the context of a journey via the investment account task.
This feature will solve this issue by introducing two new tabs available from the entity profile. These tabs will represent the different relationships as below:
- Investor - Investment Account - Fund
- Fund - Investment Account - Investor
By providing a view of investment accounts from an entity it will provide a deeper understanding of the entity and their activities. This will drive efficiency by providing a single view of investment accounts reducing risk, errors and duplication.
Why are we doing it?
Clients will be able to understand the investment accounts related to either an investor or a fund when viewing the profile page of the specific entity.
This will deliver greater visibility, delivering a deeper and more enhanced user experience when viewing entities in the Fenergo.
Investment Account Related Parties
The investment account allows for the management of the relationship between an investor and a fund. However, when such a relationship exists, there may be other parties involved.
Therefore, to effectively and efficiently manage an investment account there needs to be the capability to capture additional parties.
This feature looks to introduce the capability to both create new entities as related parties directly against the investment account and de-duplicate and link to existing client records (entities) in the system.
Why are we doing it?
Capture related parties to the investment account and their role. This will provide a deeper understanding of investment accounts and their actors, allowing for more effective management of investment accounts in Fenergo.
The existing Related Party framework will be used for capturing related parties for an Investment Account.
When navigating to the 'Investment Account' task in a journey, a 'Related Parties' grid will be displayed.
If there are no related party associations for the active Investment Account then the standard empty table is presented.
The grid displays the columns; Name, Type (Entity Type), Relationship (Type)
An 'ADD RELATED PARTIES' button appears above the grid when the 'Investment Account' task is in edit mode. Once the user selects ADD RELATED PARTIES a 'Related Party' module will launch. The module will have two panels displayed; Related Party Details and Relationship Details.
Triggering Investor Data by Related Fund
For an Investor entity, where a Fund is linked to an Investment Account, the fund data needs to be utilised to drive requirements on the Investor. For example, if a fund has a specific country of domicile this may result in additional requirements to be captured against the investor.
Why are we doing it?
In delivering this capability, allowing data to be driven on the investor based on the funds, it will reduce data rekeying. Optimising the overall user experience.
New source to be added: Account Related Funds
This release will introduce this capability in the following configuration areas in policy:
- Data Requirements (Policy)
- Conditional Values
Risk Impact Assessment
We've introduced an assessment that recalculates the risk of production entities using the latest configuration.
The assessment will compare the current verified data risk score and risk rating values to the assessed values and display the percentage transitioning between ratings.
The assessment is based on configuration and scoping rules from a selected Journey risk assessment task (effectively simulating the outcome if these entities passed through that task today).
A table of assessed entities will display the most impacted entities (ranked by highest %score change first).
A report will be available to download that shows the assessed vs verified Risk Rating and Risk Score with the % Risk Score Change and the Next Review Date.
Why are we doing it?
When Risk Configuration is changed, clients can test specific scenarios using the risk calculator or they can execute journeys with different scenario personas. There is no way to understand the impact of configuration change on their enterprise risk profile in the real world.
This capability allows users to gain confidence that the wholesale impacts are within expectations and also to identify any entities that have had a significant uptick in risk rating and may warrant early review.
Portal: Seamless login
This feature allows clients to configure an authentication flow that allows a user to seamlessly navigate from the client website to a journey within the Fenergo portal avoiding the user ever having to reauthenticate. Once the journey is complete, the user will automatically navigate back to the client portal.
Why are we doing it?
Improved User Experience: Users will be directly navigated from the banks website to an open journey without having to reauthenticate or navigate to the Fenergo portals home page each time reducing the number of clicks. Once a journey is complete, the user will be navigated back to the client's website. The whole process occurs through six distinct steps:
- Users are authenticated on the client's website
- The client will pass a number of parameters e.g. Username, email, return URL Etc. to Fenergo
- The user will be auto-created in the Fenergo user management area as a portal user and linked to the entity
- The client will display an action on their website if there is an open journey in the Fenergo portal
- The user is directed to the Fenergo portal without having to reauthenticate and navigated directly to the open journey
- Once the journey in the Fenergo portal is complete, the user is navigated back to the client's website
Interested in seeing these product features in real-time? Book a demo with us today.