Irish fintech company Fenergo has announced that Santander has selected its core technology solution to achieve a streamlined client onboarding process.
Fenergo Client Lifecycle Management will be implemented across Santander Global Corporate Banking in Europe, the Americas and Asia, and across multiple business lines, commencing with the UK.
An enterprise platform, Fenergo CLM technology solutions help financial institutions to manage the end-to-end client lifecycle journey from initial client onboarding to KYC/AML and regulatory compliance, to client data/documentation management.
By automating the client lifecycle process, Fenergo Client Lifecycle Management technology platform enables banks to onboard clients up to 82% quicker than a manual process; improve time to revenue by up to 40%; and reduce the cost of onboarding by up to 93% and enable banks to onboard double the number of clients.
Fenergo CEO Marc Murphy (pictured), said: “Fenergo CLM breaks down the regulatory, data, documentation and process siloes that exist between functional and business lines across jurisdictions. By delivering key efficiencies like these, banks can devote key KYC and compliance resources to client-centric and value-added processes and deliver a better and faster client experience. For us, it’s about making the technology work to generate greater return on investment and improved total cost of ownership.”
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