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Fenergo, Deloitte
Fenergo, a provider of digital solutions for know your customer (KYC) transaction monitoring (TM) and client lifecycle management (CLM), and Deloitte Ireland, have agreed to deliver Fenergo’s AI-powered CLM solutions to financial institutions across EMEA.

The alliance combines Fenergo’s technology with Deloitte’s technology-enabled business transformation expertise to create a Centre of Excellence for CLM, the firm said in a statement. The collaboration will enable financial institutions and corporates to speed up KYC and onboarding, enhance adherence to anti-money laundering (AML) and environmental, social and governance (ESG) regulatory obligations, and improve end-to-end customer experiences.

The partnership is a responce to the increasing demand for optimised digital client onboarding and the need to drive efficiency across KYC and AML operations, the firm added. Fenergo’s research has found that slow and inefficient onboarding processes have caused nearly half of global financial institutions to lose clients. To address this, Fenergo and Deloitte Ireland will deploy artificial intelligence-powered Software as a Service (SaaS) CLM, which will digitalise client onboarding and lifecycle management and, in turn, accelerate the time it takes to generate revenue while enabling firms to identify and mitigate risk more efficiently.

“With the unrelenting evolution of global regulation and the need for firms to simultaneously drive growth, the demand for our CLM solutions has risen exponentially and expanded beyond financial services,” Matt Edwards, global vice-president of partnerships and alliances at Fenergo, said. “With the addition of AI, the transformative power of CLM is even more accessible and rapid. Our alliance agreement with Deloitte will enable us to accelerate implementation while helping firms build a more sustainable and compliant future, while delivering a step change in customer experience." 

Deloitte is a global professional services and consulting network.

Headquartered in Dublin, Fenergo has offices in North America, the UK, Poland, Spain, South Africa, Asia-Pacific, and the United Arab Emirates. Fenergo also recently logged a new client – Caribbean-based PROVEN Bank – which is using Fenergo’s offering to streamline its anti-money laundering compliance processes. See here and here for more commentary about the firm.