• Stella Fau Clarke, CSMO at Fenergo


• 17.07.2024 08:38 am

Financial IT: Could you tell us more about how Fenergo leverages AI to enhance the client lifecycle management process?

Stella Fau Clarke: Absolutely. Client lifecycle management is an area that significantly benefits from AI due to its complexity and time-consuming nature, which directly impacts the client experience. At Fenergo, we adopt a pragmatic approach to AI, particularly generative AI, to act as an enabler for business processes within client lifecycle management. We focus on three main areas where we leverage AI:

Intelligent Document Processing: This cuts down the manual process of scanning, extracting, summarising, and classifying documents by 72%, transforming tasks that previously took hours or days into mere seconds. We achieve this efficiency using AWS Bedrock.

Advanced Reporting Capabilities: We empower users with no-code reporting capabilities. By using natural language, users can simply ask for the data they need, and AI will generate and visualise the report, making it accessible to everyone.

Virtual AI AssistantAssistance for Corporate Onboarding: This AI guides KYC analysts and AML officers through understanding policies and next steps, ensuring a smooth and efficient client journey.

Financial IT: How have AI and automation transformed the client onboarding experience?

Stella Fau Clarke: AI and automation have revolutionised client onboarding by addressing the complexities of data and document management. According to our clients, half of them have lost customers during onboarding due to these complexities. With intelligent document processing, we reduce the manual effort drastically, making the process quicker and more efficient. Automation also enhances the accuracy of data handling, minimising errors and improving overall client satisfaction. Additionally, virtual AI assistants provide real-time guidance to analysts, ensuring compliance and efficiency, thus transforming the onboarding experience into a seamless and client-friendly process.

Financial IT:  What are the next big steps for AI in financial technology that Fenergo is looking towards, and how do you foresee these innovations shaping the future of client lifecycle management?

Stella Fau Clarke: For us, it's really about making humans better. For example, think of advanced recording that makes all of us become developers by providing no-code reporting capabilities. By using natural language, you just have to ask what you want to report on, and then the AI will do everything for you and visualise it in the best way. The second part, which I think is really transformational, is a virtual AI system. Basically, that AI will guide your KYC analyst or your AML officer to better understand the policies, determine the next best action, and plan their journey in the most efficient way. This is all super exciting, and we are looking forward to delivering more and more value to our clients through our generative AI capabilities.