Fenergo – the leading provider of digital solutions for know your customer (KYC), client lifecycle management (CLM) and transaction monitoring – has today launched AI Powered CLM, a new set of AI capabilities which further boost operational efficiencies, accelerate onboarding and improve end-user experiences while reducing costs associated with KYC and AML compliance.  

The introduction of AI to Fenergo’s CLM, powered by Amazon Bedrock, will enable firms to more accurately identify and mitigate financial crime risk and seamlessly meet regulatory obligations for KYC, AML and sanctions measures. Fenergo’s AI-powered offering will empower firms to safely deliver more efficient, frictionless onboarding and lifecycle management journeys while accelerating time to revenue.

Fenergo’s AI launch arrives during a period of increased regulatory flux and financial crime sophistication. This, combined with pinched resources and inadequate legacy systems for financial crime, creates a hugely challenging environment for financial institutions, energy firms and corporates mandated to address financial crime. According to recent figures, penalties for failing to comply with AML, KYC, ESG, sanctions, and CDD regulations totaled $6.6bn in 2023 – up considerably from $4.2bn in 2022.

Fenergo’s new offering encompasses three separate AI functionalities - scheduled for release between now and Q4 – which include Intelligent Document Processing (IDP), Advanced Reporting and AI Assistant. These new capabilities will automate labour-intensive and time-consuming tasks related to client onboarding, due diligence and regulatory reporting.

Intelligent Document Processing

Fenergo’s IDP feature, available today, can reduce manual document handling by 72% for a typical corporate onboarding case encompassing the collection and analysis of 100 documents for 150 data fields. A recent survey by Fenergo found that nearly half (48%) of banks globally admitted they have lost clients due to slow or inefficient onboarding, 45% of which claim to be a result of poor document and data management.

Fenergo’s IDP automates complex and labour-intensive document management tasks including data and metadata extraction, classification, document auto-linking, data absorption and auto-task completion. The AI transforms end-user experiences by removing friction from client interactions while delivering huge process efficiency gains and cost savings through eliminated human error and increased productivity.    

No-Code Advanced Reporting

The advanced reporting module, also available now, empowers compliance professionals with no-code AI-driven advanced reporting. This enables analysts to create new reporting queries (relating to client information and onboarding journey statuses) regardless of their coding proficiency, boosting efficiency and accessibility for employees performing regulatory reporting. Leveraging native Amazon Web Services (AWS) AI capabilities, Fenergo advanced reporting also encompasses features that enable users to create AI-generated advanced analytics visualisations. This enables users to glean actionable insights for faster decision making. 

AI Assistant

Scheduled for release later this year, Fenergo’s AI assistant leverages generative AI and natural language processing (NLP) to enable firms to achieve considerable time and cost savings, alleviate workloads and more efficiently manage risk. 

“Regulators across the globe are tightening their grip on financial crime prevention, enforcing tougher penalties for compliance failures and launching new initiatives like the EU’s Anti-Money Laundering Authority,” said Stella Clarke, Chief Strategy Officer at Fenergo.

 

“Against this backdrop, it is crucial banks look to bolster their capabilities with regards to client onboarding, due diligence and regulatory reporting – especially considering the growing shortage of compliance professionals globally. Harnessing the power of artificial intelligence and machine learning to deliver greater efficiencies can no longer be seen as a bonus in the context – it must be an integral element of their strategy.”

Fenergo is launching AI Powered CLM at Money20/20 Europe, a leading global conference series focused on the future of money, payments, and financial technology. Fenergo is exhibiting the new solution from June 4th to 6th in Amsterdam, where the event is happening.