Fenergo Unveils AI-Powered CLM to Boost Efficiency and Combat Financial Crime

Fenergo, a leading provider of digital solutions for know your customer (KYC), client lifecycle management (CLM), and transaction monitoring, has launched AI Powered CLM. This new suite of AI capabilities aims to enhance operational efficiency, accelerate onboarding, and improve user experience in client lifecycle management.

Fenergo's AI Powered CLM has significant implications for the financial industry, as it can help institutions meet regulatory obligations more efficiently and reduce the risk of financial crime. This can lead to cost savings and improved risk management for financial institutions, thus benefiting consumers and the broader economy.

The AI Powered CLM solution is designed to reduce costs associated with KYC and anti-money laundering (AML) compliance. It introduces three key functionalities: Intelligent Document Processing, No-Code Advanced Reporting, and an AI Assistant. These features automate manual processes, streamline workflows, and provide actionable insights, helping financial institutions meet regulatory obligations more efficiently.

Intelligent Document Processing (IDP) can reduce manual document handling by up to 72%, automating labor-intensive tasks and minimizing human error. This functionality is particularly valuable for corporate onboarding cases, where the collection and analysis of numerous documents can be time-consuming.

The No-Code Advanced Reporting module empowers compliance professionals to create new reporting queries without requiring coding proficiency. This AI-driven service accelerates decision-making by providing advanced analytics visualizations and actionable insights.

Scheduled for release later this year, the AI Assistant leverages generative AI and natural language processing (NLP) to help firms achieve significant time and cost savings. It aims to alleviate workloads and improve risk management by automating routine tasks and providing intelligent assistance.

Stella Clarke, Chief Strategy Officer at Fenergo, highlighted the importance of integrating AI and machine learning into compliance strategies. She stated, *"Regulators across the globe are tightening their grip on financial crime prevention... Leveraging the power of artificial intelligence and machine learning to deliver greater efficiencies can no longer be seen as a bonus – it must be an integral element of their strategy. "*

The launch of AI Powered CLM comes at a time of increased regulatory flux and sophisticated financial crime activities. Penalties for failing to comply with AML, KYC, ESG, sanctions, and customer due diligence (CDD) regulations have reached $6.6 billion in 2023, up from $4.2 billion in 2022. Financial institutions face significant challenges in addressing financial crime effectively, which are exacerbated by limited resources and outdated legacy systems.

Fenergo's AI Powered CLM aims to empower firms to deliver more efficient, frictionless onboarding and lifecycle management journeys. By automating routine tasks and providing advanced insights, the solution helps institutions accelerate time to revenue and reduce compliance costs.

Fenergo is showcasing AI Powered CLM at Money20/20 Europe, a leading global conference focused on the future of money, payments, and financial technology, from June 4th to 6th in Amsterdam.

Fenergo's AI Powered CLM represents a significant advancement in client lifecycle management, addressing the growing need for efficient compliance solutions in an increasingly regulated environment.

Key Takeaways

• Fenergo launches AI Powered CLM to enhance operational efficiency and reduce risk.
• AI Powered CLM automates manual processes, streamlines workflows, and provides actionable insights.
• Intelligent Document Processing reduces manual document handling by up to 72%.
• No-Code Advanced Reporting empowers compliance professionals to create new reporting queries without coding.
• AI Assistant leverages generative AI and NLP to automate routine tasks and provide intelligent assistance.