About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

ICBC Standard Bank Implements Fenergo Client Lifecycle Management

Subscribe to our newsletter

ICBC Standard Bank is implementing Fenergo’s client lifecycle management solution to meet Know Your Customer, Anti-Money Laundering and customer onboarding rules and regulations, and improve operational efficiency.

The Industrial and Commercial Bank of China (ICBC) acquired a majority stake in London-based Standard Bank from South Africa’s Standard Bank Group early last year and took on the name ICBC Standard Bank. The bank decided to implement a customer and compliance management solution in the summer and went on to select Fenergo after a two-month competitive bid process. Two and a half months later, it began a multi-phase deployment of Fenergo’s software.

The bank’s speed to initial implementation was achieved by using a large proportion of out-of-the-box software from Fenergo. It has since integrated a number of external data vendors with the Fenergo platform to validate its customer data and has integrated the platform with its Salesforce application. More internal systems will be integrated over the next six to 12 months with a view to building out an end-to-end onboarding and customer lifecycle management system that meets regulatory requirements across the bank within 18 months.

ICBC Standard Bank adds to Fenergo’s client base of over 30 clients worldwide and is expected to benefit from the company’s monthly regulatory forum. Oliver White, UK head of sales at Fenergo, explains: “Fenergo’s aim is to make sure its clients are compliant now and in the future. The regulatory forum discuses new regulations and helps us provide 90% of compliance functionality out of the box, with clients configuring the last 10% depending on their interpretation of a regulation. The forum acts as an accelerator for clients, as they don’t have to address every regulation entirely alone.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best practices for compliance with EU Market Abuse Regulation

EU Market Abuse Regulation (MAR) came into force in July 2016, rescinding the previous Market Abuse Directive and replacing it with a significantly extended scope of regulatory obligations. Eight years later, and amid constant change in capital markets regulation, technology and culture, financial institutions continue to struggle to stay on the right side of the...

BLOG

Dow Jones Risk & Compliance Deploys Generative AI to Transform Due Diligence

Dow Jones Risk & Compliance has launched an AI-powered research platform to help clients reduce the time and effort in building investigative due diligence reports from multiple sources. The new offering aims to reshape compliance workflows, creating an additional layer of investigation that can be deployed at scale. Dow Jones Integrity Check is an automated...

EVENT

TradingTech Briefing New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

A-Team Group’s Valuations Vendor Directory 2009

An indispensable guide to valuations professionals seeking providers of services in the asset valuations market. A-Team Group’s latest release in its series of directories – available for FREE download – focuses on vendors of valuations data, models and analytics. But this is not just another list of firms with their telephone numbers – you can get that...