PwC and Fenergo to streamline KYC compliance
by Ben Poole
PwC has joined up with provider of digital client lifecycle management (CLM) solutions Fenergo for its know your customer (KYC) offering. The professional services firm will now provide client onboarding and KYC review and refresh operations as managed services, complementing its existing anti-money laundering (AML) and KYC remediation offerings. PwC’s financial institution clients can now access the managed solution to address their ongoing KYC challenges.
The alliance combines PwC’s regulatory expertise and operational capability with Fenergo’s cloud-based CLM solution, increasing PwC’s footprint in the area of financial crime operations.
Designed in response to client demands to shorten onboarding times and amalgamate different KYC processes under a single cloud-based solution, the resulting services are designed to improve the full customer experience while providing regulatory certainty for financial institutions.
Coming as part of PwC’s ongoing focus on digital transformation and developing new models of delivery, the alliance marks a further expansion of its financial crime services.
“Working with Fenergo will enable us to do KYC differently - complementing our regulatory knowledge, delivery capability and experience with cloud-based CLM technology will increase the number of services that we can offer to financial institutions," said Ian McConnell, PwC Partner.
“The impact that the increasing regulatory landscape is having on financial institutions is significant," commented Julian Clarke, head of Partners and Alliances at Fenergo. "Not only is it making the onboarding and managing of clients more difficult, it’s also having a cost implication - both from an operational perspective to ensure that they’re compliant but also in fines. PwC developing new services based on the Fenergo platform makes it even easier for financial institutions to streamline KYC compliance and benefit economically."
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