About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading 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: The future of KYC and AML: How to tackle the challenges and gain the opportunities of perpetual KYC

Perpetual Know Your Customer (or pKYC) could be a game changer for client onboarding, due diligence and financial crime compliance. Moving on from today’s reactive approach that conducts client KYC processes at onboarding and typically at one, three and five year intervals, pKYC takes a proactive approach, creating a digital KYC profile and dynamically refreshing...

BLOG

GoldenSource Integrates FactSet Truvalue Labs ESG Data into ESG Impact Product

GoldenSource has integrated FactSet content, including Truvalue Labs ESG data, into its ESG Impact product. The EDM solution provider will also be listed on the Open:FactSet Marketplace, a platform providing data applications and workflow solutions for investment professionals. GoldenSource ESG Impact is positioned to handle interlinked reference data, as well as fundamental and ESG data,...

EVENT

TradingTech Summit Virtual (Redirected)

TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.

GUIDE

Regulatory Data Handbook 2021/2022 – Ninth Edition

Welcome to the ninth edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. This edition of the handbook includes a focus on regulations being rolled out to bring order and standardisation to...