Santander Picks Fenergo for Client Lifecycle Management

The Fenergo CLM enterprise platform helps financial institutions manage the end-to-end client lifecycle journey from initial client onboarding, know your customer/anti-money laundering (KYC/ALM) and regulatory compliance, to client data/documentation management and regular and event-driven KYC reviews and remediation, and client offboarding.

José Muñoz, global head of operations at Santander Global Corporate Banking, says the implementation of Fenergo’s CLM is part of a global internal transformation and reorganization program to streamline processes and create a single source of client data. It will also reduce the cost of onboarding and total cost of ownership for compliance and KYC reviews.

“Built on a next-generation technology stack, Fenergo CLM breaks down the regulatory, data, documentation and process silos that exist between functional and business lines across jurisdictions. By delivering key efficiencies like these, banks can devote key KYC and compliance resources to client-centric and value-added processes and deliver a better and faster client experience. For us, it’s about making the technology work to generate greater ROI and improved TCO (total cost of ownership),” says Marc Murphy, Fenergo chief executive officer, in a statement.

According to Fenergo, the CLM technology platform allows banks to onboard clients up to 82% faster than a manual process, reduce the cost of onboarding by up to 93% and enable the banks to onboard double the number of clients, and reduce TCO for compliance and KYC reviews by up to 60%.