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Using AI to Supercharge Client Lifecycle Management

New rules and data demands from regulators are surpassing human capacity, but AI is a formidable ally to address these challenges.

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Unrelenting updates in the regulatory compliance space have created a regulatory burden that surpasses human capacity. The sheer volume of new rules and data demands required to remain compliant is significantly hindering the efficiency of financial institutions, especially when it comes to client onboarding. Within this regulatory narrative, Artificial Intelligence (AI) emerges as a formidable ally to address these challenges.

Fenergo’s annual anti-money laundering (AML) fines research reported a 57% global increase in fines for non-compliance with AML regulations in 2023. However, the sheer volume and complexity of regulations are just one challenge: financial crime is another. According to the Nasdaq’s 2024 Global Financial Crime Report, a staggering $3.1 trillion in illicit funds flowed through the global financial system in 2023.

In this report, we delve into:

  • The cost of regulation without the assistance of AI
  • Why efficiency is getting harder to achieve in onboarding and AML processes
  • How AI solves regulatory pressure while maintaining compliance

This report investigates the three key data principles necessary to safely implement AI when engaging with client data. Common AI implementation approaches can pose a threat if not handled correctly. Through Fenergo’s strategic use of AI, financial institutions can not only fulfill these principles, but they can also avoid costly regulatory and ethical pitfalls such as data breaches, security gaps, and biased AI results.

Fenergo infuses controlled AI into CLM processes, transforming the end-to-end client lifecycle experience while maintaining the high standards of data security and transparency demanded by regulators. By digitizing and automating the CLM process, Fenergo future-proofs regulatory compliance and enhances operational efficiencies, ensuring an exceptional client onboarding experience. 

Integrating AI into the CLM process allows compliance teams to supercharge their productivity, focus on higher value activities, and uphold strict KYC requirements while customers are served without interruption.

Request a demo today and see the future of AI in CLM.