Santander revamps corporate client onboarding with Fenergo
Santander automates corporate client onboarding process
Client lifecycle management (CLM) software vendor Fenergo has landed a deal with Santander Global Corporate Banking – to revamp its client onboarding process.
Fenergo CLM will be rolled out to Santander’s operations in Europe, Asia and the Americas, across multiple business lines. The first site will be in the UK, the vendor says.
“We selected Fenergo CLM as part of a global internal transformation and re-organisation programme,” explains José Muñoz, global head of operations at Santander Global Corporate Banking.
The programme, he says, is “designed to streamline processes and integrate once disparate systems to create a single source of client data and a seamless and well-orchestrated client onboarding journey”.
Fenergo says its “enterprise platform” can do just that as it supports “the end-to-end client lifecycle journey from initial client onboarding to KYC/AML and regulatory compliance, to client data/documentation management and regular and event-driven KYC reviews & remediation, all the way through to client offboarding”. It is suitable for corporate, investment and private banks.
“For us, it’s about making the technology work to generate greater ROI [return on investment] and improved TCO [total cost of ownership],” states Fenergo’s CEO, Marc Murphy.
The company showcases some stats to support this statement, saying that by automating the CLM process, its technology enables banks to:
- onboard clients up to 82% faster than a manual process and improve time to revenue by up to 40%;
- reduce the cost of onboarding by up to 93% and enable banks to onboard double the number of clients;
- reduce TCO for compliance and KYC reviews by up to 60%.
