Fenergo records rapid adoption of its cloud managed service, Fen-Cloud

By Megha Bhattacharya

Ireland-based Fenergo announced the rapid adoption of Fen-Cloud, its Cloud Managed Service powered by Amazon Web Services (AWS). The company stated that 67% of all deployments of Fenergo’s CLM solution within financial institutions in 2020 will be on Fen-Cloud, as more financial institutions leverage cloud-based services to streamline processes, drive cost efficiencies and improve the customer experience.

Michelle Calcutt, Head of Client Experience at Aviva Investors, said, “Developing our offering of digital tools in order to improve overall client experience (CX) is an area that we have placed great emphasis on over recent years. With Fen-Cloud, we will have the ability to quickly scale our CLM solutions according to changing customer demands while guaranteeing availability, no matter the location. We believe it will further enhance our CX credentials and add a layer of agility to the way we service our clients.”

According to Fenergo, Fen-Cloud offers end-to-end customer journeys and CLM on a single platform. It allows financial institutions to build and run business solutions while maintaining the flexibility of customer-specific configuration, interfaces, and processes. The platform enables financial institutions to automate and streamline multiple processes, from initial client onboarding to Know Your Customer (KYC), regulatory compliance and ongoing client and account maintenance. Clients will also have the option to deploy Fenergo’s CLM platform to their own cloud.

“Current market conditions and the impact of COVID-19 have compelled financial institutions to accelerate cloud adoption to take advantage of significant costs savings, enhanced reliability and proven scalability. The industry now recognizes that cloud-based solutions can help them safely and securely accelerate their digital transformation initiatives while focusing on their core business, which is evident based on the impressive client response to our Fen-Cloud service this year. We will continue to work closely with our global clients, as more financial institutions prioritise cloud, to help them improve customer experience, ensure compliance and streamline their CLM processes,” said Niall Twomey, Chief Technology Officer, Fenergo.