BNP Paribas Taps Fenergo for KYC
French banking giant BNP Paribas has licensed Fenergo’s Client Lifecycle Management platform as part of the bank’s global transformation project, according to vendor officials.
The new platform will deliver a single client view across all jurisdictions and entities and will enable the bank to comply efficiently with all local and global regulatory rules and deliver an optimum customer experience.
“We chose Fenergo for both their deep, out-of-the-box CLM functionality and their v8 technology that is a good fit with our own modernized technology landscape,” said Bernard Gavgani, Global Head of CIB IT and Operations within BNP Paribas. “I look forward to working with the Fenergo team and their wider client community to input into the continually evolving product and regulatory roadmaps.”
Fenergo launched Fenergo v8 to its clients in June 2017 during its Global Client Council held in Ireland. An easy-to-use, intuitive and powerful platform, Fenergo v8 redefines Client Lifecycle Management as it is currently known. The solution is built upon React, the same technology that underpins such high-volume, high-profile firms such as Netflix, Facebook, Instagram and the New York Times e-platforms, where performance and ease-of-use are of the highest priorities. It offers a radically improved user experience with more efficient orchestration, enhanced navigation and greater visibility across client cases. Deploying advanced technology architecture, v8 delivers faster page load times and responsive design, enabling cross-browser and multi-device support, improved search engine support, increased scalability and greater data integration capabilities. The solution also provides enhanced intelligent document management capabilities, including wiki-style and auto-generated documents.
“I am wholeheartedly delighted to announce the addition of BNP Paribas to our growing, global client base,” said Marc Murphy, CEO of Fenergo. “There are two key drivers behind Fenergo’s success to date – digital transformation and heightened regulatory compliance and scrutiny. We are finding that banks which would have traditionally favoured in-house built solutions are now turning to Fenergo to help them realize their vision faster and more efficiently – to be able to comply with the full letter of regulatory rules, whilst delivering a better client experience. I look forward to working very closely with BNP Paribas to make this vision a reality very soon”.
There are frustrations over lack of standardization, security and inefficiencies with existing systems.
The firm expects to turn much of the KYC process over to the AI-based platform.
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