ABN AMRO is the latest bank to choose Client Lifecycle Management solutions from Fenergo. ABN AMRO is the third-largest bank in the Netherlands and will use the technology to support its CDD/KYC processes in specific, and the bank’s broader “business transformation strategy” in general.
ABN AMRO’s Helène Erftemeijer elaborated on the role Fenergo’s technology will play in helping the bank improve the user experience for its clients. “A core part of our business transformation program will involve creating an internal, centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulator KYC activities,” Erftemeijer said. “Fenergo is the technology platform that will underpin this initiative.”
Pictured: Fenergo CEO Mark Murphy demonstrating Deal Manager at FinovateEurope 2012.
The deal with ABN AMRO is the latest in a string of wins for the Dublin-based compliance specialist. Earlier this month Fenergo announced a deal to deploy its Client Lifecycle Management technology with HSBC Group. And in March, the company partnered with BBVA, Spain’s second largest bank and a widely-known, eager adopter of innovative financial technologies. Speaking of the company’s recent successes, Fenergo CEO Mark Murphy explained, “The reason is simple: banks are looking for a trusted technology partner to help them transform their business processes to create a superior client experience, whilst delivering key time, cost, and headcount efficiencies across their data, compliance, and front office operations.”
Founded in 2009 and headquartered in Dublin, Ireland, Fenergo demonstrated its Deal Manager solution at FinovateEurope 2012. Deal Manager systemizes a number of complex compliance processes, giving financial institutions a greater degree of control, transparency, and efficiency when it comes to onboarding, account opening, KYC, due diligence and related operations. Fenergo’s technology is used by leading investment, corporate, and capital markets FIs such as UBS and BMO Capital Markets.
Fenergo was recognized for the third year in a row in the Chartis RiskTech100, a comprehensive, independent review of the top compliance and risk technology companies in the world. And this spring, the company was named to Planet Compliance’s RegTech Top 100 Power list. Fenergo has raised more than $80 million in total capital, including a $75 million investment in the summer of 2015 from Aquiline Capital Partners and Insight Venture Partners.