Case Study: Large Financial Institution achieves centralized KYC, stronger regulatory compliance and significant cost savings with Fenergo

Internal KYC Shared Services Utility for Better Customer Experience & Efficiencies

Large Financial Institution, a North America–headquartered bank serving clients in 100+ markets, faced fragmented KYC and AML processes across 17 business units and jurisdictions, duplicated work, siloed client data and a regulatory order criticizing its lack of KYC controls. To address these challenges the institution turned to Fenergo and its KYC Compliance solution (including Digital Client Orchestration and Client Lifecycle Management).

Fenergo implemented a hub-and-spoke model with three regional KYC teams and deployed its Regulatory Rules Engine, client data model, API-driven orchestration and case management to centralize client data and automate onboarding workflows. As a result, the Large Financial Institution reduced 17 KYC functions to three, can re-use up to 80% of customer information, improved auditability and regulatory control, cut operational costs, sped onboarding and accelerated time to revenue — all enabled by Fenergo.