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Fenergo launches SaaS CLM solution for mid-sized financial institutions

Digital transformation and client lifecycle management (CLM) technology provider Fenergo has unveiled Fen-Xelerate, a lower-cost, cloud-based version of the Fenergo CLM solution, to serve mid-tier and boutique commercial, business and retail banks.

Clients looking to accelerate digital transformation will be able to use see frictionless, end-to-end customer journeys and CLM through a single platform powered by Amazon Web Services (AWS) on the cloud.

Fen-Xelerate is the only out-of-the-box Software as a Service (SaaS) CLM platform built for the mid-tier market, James Follette, Global Head of Commercial, Business and Retail Banking at Fenergo, told IBS Intelligence.

Users will no longer need to buy different point solutions, as Fen-Xelerate is pre-configured with integrations with Salesforce, RDC, WorldCheck One and DocuSign – with the option to add more – and works seamlessly from the first touchpoint to successful account opening and maintenance, he said.

Fenergo“Fen-Xcelerate is underpinned and powered by Fenergo’s robust regulatory rules engine which covers regulations from over 100 jurisdictions and which has been validated by the world’s leading banks. And best of all, it is easy and quick to implement. Whilst competitors might stitch together micro journeys Fen-Xcelerate delivers the entire ecosystem in a single solution,” Follette explained.

The solution has been developed as a response to how mid-tier financial institutions often lack the technology required to offer digital services and open accounts remotely while being able to meet regulatory obligations and detect financial crime. Moreover, a Fenergo report found that one in ten business and commercial banks in the US have not yet started digital transformation and 70 per cent have lost customers to digital-first disruptive competitors.

“This demonstrates is that simply relying on manual processes to service customers is not scalable – and not fit for the turbulent times we are navigating. With Fen-Xcelerate being a cloud-based solution, it can be quickly deployed allowing banks to accelerate digital transformation and deliver competitive digital customer experiences quickly,” Follette said.

PODCAST: James Follette discusses Fenergo’s plug-and-play solution that allows US business and commercial banks to digitally onboard new clients to rapidly process new PPP loan applications.

In terms of COVID-19, he noted that clients feel they are being forced to accelerate digitisation under the current climate.

“They need early deliverables – the agility required to respond to evolving market conditions. We expect the goalposts for digital transformation within this cohort of banks to move from 18 months to just weeks.”

Fen-Xcelerate is pre-configured to improve operational efficiencies, streamline AML, KYC, Counter-Terrorist Financing (CTF) compliance and risk management, deliver over 300 per cent ROI in three years and provide access to Fenergo’s community of global banks and regulators.

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