Al in Client Lifecycle Management - Interview at Money 20/20

At Money 20/20 EU, Fenergo’s Chief Strategy and Marketing Officer, Stella Clarke, was interviewed by Financial IT about artificial intelligence (AI) in client lifecycle management (CLM). Artificial intelligence has taken the technology world by storm in recent years, and CLM is an area that’s primed to benefit from AI functionality. In this interview, Clarke explains that tasks that traditionally take hours or days to perform manually, such as document processing – the scanning, extracting data from, analyzing, and classifying documents – can now be done in seconds using AI with Intelligent Document Processing.

Advanced reporting capabilities such as generating immediate reports using natural language is also made possible through AI. Allowing firms to analyze risk more easily and leveraging their own data without the need for developer time.

Manual CLM processes are complex, time-consuming and can negatively impact the end user experience for firms when onboarding new customers. However, for financial institutions, energy firms and corporates, CLM is a requirement that is mandated to address financial crime. In a time where resources are pinched and inadequate legacy systems for financial crime are commonplace, these requirements create a hugely challenging environment for firms. Generative AI is an opportunity that firms must seize to accelerate business activity.

Fenergo is the leading provider of digital solutions for know your customer (KYC), CLM, and transaction monitoring. Fenergo launched AI Powered CLM, a new set of AI capabilities which further boost operational efficiencies, to accelerate onboarding and improve end-user experiences while reducing costs associated with KYC and AML compliance.

In this video, Clarke explains how Fenergo is looking forward to delivering more and more value through AI, as well as: