Client lifecycle management solutions developer and RegTech 100 company Fenergo has increased its expansion to commercial and retail banking space with new hire.
The RegTech company has hired James Follette, the former client onboarding and KYC transformation head at Citi, as its new head of commercial and retail banking. In this role, Follette will drive growth for the company’s CLM solutions and evolve the customer journey for banks.
Fenergo has expanded into the commercial and retail banking space due to the demand for its onboarding, account opening and maintenance and offboarding services across all business lines, the company said.
Banks can use Fenergo to improve their end-to-end client journey with an API-based CLM solution and verification tools. The platform supports through initial onboarding, KYC/AML regulatory compliance, data management, follow-up KYC checks and customer management.
James Follette said, “Banks in commercial and retail banking are experiencing unprecedented change as challenger banks crowd the market and regulation increases in complexity. The pressure is on to optimise the customer experience and ensure client and product onboarding is frictionless. Customers expect to open an account in minutes not weeks.
“Fenergo’s out-of-the-box CLM solution is perfectly placed to enable banks to onboard new customers faster, improve customer experience and lead the charge in the fight against financial crime.”
The RegTech company deployed its solution to the Bank of China’s US branches late last year, to support and enhance its onboarding and compliance processes.
Last year, Fenergo was hand-picked by a panel of industry experts for the RegTech 100, for a second year in a row.
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