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Sibos 2023 - Fenergo, RBC Capital Markets and Scotiabank Fireside Chat

At Sibos 2023, the top minds in banking and compliance came together in Toronto to discuss the latest trends and challenges facing the industry today. 

In line with the conference theme of ‘collaborative finance in a fragmented world’, Fenergo sat down with RBC Capital Markets and Scotiabank to share insights and strategies on how corporate and institutional banks are adapting to evolving demands around customer onboarding. 

Fenergo hosted a fireside chat titled ‘Evolving Demands for Onboarding Complex Customers in Corporate and Business Banks’. The expert panel comprised: 

  • Marc Murphy – CEO, Fenergo 
  • Paul Kalinowski – Managing Director of Strategy, Business Architecture, and Digital Transformation, RBC Capital Markets 
  • Sarah Gordon – Senior Vice President of Global Wholesale Operations, Scotiabank 

RBC Capital Markets and Scotiabank, operate in global markets and investment banking respectively, and share similar challenges when onboarding complex entities. 

Their discussion dissects the central challenge of onboarding complex customers for banks: efficiency.  With the ever-changing regulatory environment, onboarding and understanding whether it’s safe to do business with a client has become more complicated than ever with many FIs relying on manual labor-intensive processes.  

Crucially, the customers of corporate and institutional banks are not retail customers. They’re large, institutional entities with many different public or private structures, which makes the information that FIs must collect - and their understanding of those structures - complex in practice.  

In the session, Sarah Gordon suggests that the concept of entity is where the geographical element really comes into play. She estimated that 80% of KYC standards are consistent globally, highlighting that the remaining 20% is what adds the complexity to the rules.  

Watch the panel discussion on-demand and discover the panel’s insights on how banks can turn new rules and regulations into opportunities to enhance client journeys and to make better business decisions.