ARMONK, N.Y., Oct. 5, 2020 /PRNewswire/ — SIBOS: IBM (NYSE: IBM) and Fenergo, a leading provider of client lifecycle management (CLM) solutions for financial institutions, today announced the general availability of IBM Customer Lifecycle Management (CLM) with Fenergo. The offering is designed to incorporate artificial intelligence (AI) from IBM Watson and analytics on the IBM Cloud to help financial institutions drive efficiencies in customer onboarding through improved personalization, risk assessment and regulatory compliance.
Onboarding a new client can often take weeks for a financial institution to complete. Research undertaken by Forrester and Fenergo showed financial institutions that have implemented only partial onboarding solutions spend between two and 12 weeks to complete the new client onboarding process. Additionally, significant financial penalties and sanctions can follow if anti-money laundering (AML) and know-your-client (KYC) regulations are not followed.
The collaboration with Fenergo is one of many ways IBM is helping financial institutions reinvent the customer experience through digital transformation. Today, 9 out of 10 Fortune 500 banks and financial institutions use IBM Cloud, and IBM continues to help expand and strengthen its solution offerings, services and partnerships. IBM’s RegTech portfolio of solutions applies the latest advancements in AI, machine learning and automation to the risk and compliance process, increasing operational efficiency, accelerating insight and improving transparency, while running on a hybrid cloud. IBM also continues to invest in hybrid cloud ecosystems, particularly for the financial services industry.
“Compliance can be time consuming and costly, often diverting resources from the core focus of improving the customer experience,” said Likhit Wagle, General Manager; Global Banking of IBM. “Artificial Intelligence is ideally suited to redefine how regulatory compliance is addressed, and IBM Watson is leading that effort. Through our strong ecosystem of partners, we’re helping to streamline these processes to allow banks, insurers