30th October 2019 – Fenergo, the leading provider of digital Client Lifecycle Management solutions (CLM) for financial institutions, today announces the product enhancement, Digital KYC, a real-time Know Your Customer (KYC) solution for financial institutions seeking to automate and perpetuate KYC compliance reviews.
The rules-driven Digital KYC solution delivers a risk-based approach to ongoing KYC to increase operational efficiency, lower the cost of compliance, achieve regulatory certainty and optimise client experiences.
The API-enabled solution compliments a financial institution’s existing CLM suite by automating continuous customer due diligence (CDD) reviews for low to medium-risk clients. This Straight Through Processing (STP) of client onboarding allow compliance staff to focus their efforts on high risk, high value tasks.
Leveraging existing data from internal and external data sources, Digital KYC reduces the need for repeated manual requests for client data, delivering a streamline customer experience.
Greg Watson, Head of APAC Sales & Global Head, Corporate & Institutional Banking, Fenergo, said:
“In today’s increasingly complex regulatory environment with heightened scrutiny, financial institutions shoulder the burden of highly manual KYC checks performed on an ad-hoc basis. Not only is this time consuming and costly, it leaves financial institutions open to risk. By listening to our client community, we have created a digital KYC solution that replaces error-prone processes with automation, digitalizing client journeys while fulfilling regulatory obligations”
If you would like more information about enhanced Digital KYC solution click here.