Fenergo recently launched its AI Powered Client Lifecycle Management (CLM) at Money2020 in Amsterdam. The new CLM solution leverages Amazon Bedrock to enhance operational efficiencies in onboarding, client and counterparty management, and regulatory compliance. This launch comes at a time when financial institutions are grappling with intensifying regulatory pressures and rising costs.
Stella Clarke, Chief Strategy Officer at Fenergo tells RegTech Insight, “With regulatory pressure increasing and financial crime getting more complex, automation is essential for staying compliant and competitive. Our AI Powered CLM not only addresses these challenges head-on but also represents a step forward in the evolution of compliance technology. It’s about leveraging technology to more efficiently meet the demands of the evolving regulatory landscape, while optimizing client experiences and staying ahead in the market.”
The integration of AI into Fenergo’s CLM promises to reduce costs, speed up onboarding processes, and improve end-user experiences through frictionless CLM processes.
Fenergo’s new AI functionalities include Intelligent Document Processing (IDP), Advanced Reporting, and an AI Assistant.
The IDP feature, available immediately, promises to reduce manual document handling by 72% for corporate onboarding, which typically involves managing 100 documents across 150 data fields.
A survey by Fenergo found that nearly half (48%) of banks globally admitted they have lost clients due to slow or inefficient onboarding, 45% of which claim to be a result of poor document and data management.
The Advanced Reporting module, also available now, offers no-code AI-driven capabilities, allowing compliance professionals to build complex reporting queries without needing coding skills. This module leverages Amazon Web Services (AWS) native AI capabilities to generate advanced analytics visualizations for quicker decision-making.
Scheduled for release later this year, the AI Assistant will use generative AI (GenAI) and natural language processing (NLP) to further save time and costs while managing risk more efficiently.
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