The future of financial compliance: Digital transformation and the impact of FinTech

The future of financial compliance: Digital transformation and the impact of FinTech

In the rapidly evolving world of financial services, compliance and market dynamics are undergoing significant transformations, driven by macro trends that are reshaping the industry. Chris Zingo, Chief Revenue Officer at Fenergo, recently delved into these trends, highlighting how digital transformation, regulatory changes, and market shifts are creating both challenges and opportunities for financial institutions.

The regulatory environment is advancing in tandem with technological and FinTech developments, influencing the strategic decisions and policies of financial organisations. Fenergo’s digital-first, cloud-based strategy is at the forefront of addressing these changes, offering real-time connectivity and ecosystem orchestration to help clients better serve their customers and meet market demands.

A key area of focus for financial institutions is the automation of customer onboarding and Know Your Customer (KYC) processes. Despite the clear benefits of automation, a surprising 25% of the market remains entirely manual in its compliance operations, leading to rising customer acquisition costs. Over the past two years, the expense associated with KYC and entity onboarding has surged by 28%, underscoring the urgent need for innovative solutions.

Fenergo is responding to this challenge by pioneering advancements in automation, scalability, and client experience within client lifecycle management (CLM). By orchestrating the CLM process, Fenergo enables organizations to automate the journey from initial identification through onboarding, streamlining client interactions and enhancing overall satisfaction. The platform further supports ongoing client profile updates and real-time monitoring, ensuring continuous compliance and the discovery of new revenue opportunities.

Chris Zingo underscores the transformative effect of digital innovation in adapting to regulatory shifts and managing risk. He particularly stresses the value of adopting a cloud-first strategy to secure a competitive edge in the market.

Read the full story here.

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