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.”