Fenergo Reports Rapid Cloud Adoption in Financial Sector Digital Awakening
67% of implementations are cloud based
Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions (FIs), today announced rapid adoption of its Cloud Managed Service, Fen-Cloud,powered by Amazon Web Services (AWS). 67% of all deployments of Fenergo’s CLM solution within financial institutions in 2020 will be on Fen-Cloud, as more financial institutions take advantage of cloud-based services to streamline processes, drive cost efficiencies and radically improve the customer experience. ICBC Standard Bank and Aviva Investors are among those signed up to leverage Fen-Cloud.
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.”
Launched in 2019, Fen-Cloud is a cloud-based solution powered by AWS that delivers frictionless, end-to-end customer journeys and CLM on a single platform. By accessing Fenergo’s CLM offerings in the cloud, financial institutions can quickly get business solutions up and running while still maintaining the flexibility of customer-specific configuration, interfaces, and processes. Prior to 2020 many of Fenergo’s clients prioritized private on-premise solutions over cloud however the impact of COVID-19 has sparked rapid transformation across the entire financial services sector.
“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.
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 – all in an easy-access and seamless cloud-based environment. Clients also have the option to deploy Fenergo’s CLM platform to their own cloud, maintaining full control of their environment.
Fenergois the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions. Its software digitally transforms and streamlines end-to-end CLM processes - from regulatory onboarding, data integration, client and counterparty data management, client lifecycle reviews and remediation, all the way to client offboarding.Fenergo is recognised for its in-depth financial services and regulatory expertise (from a team of over 30 global regulatory specialists), community-based approach to product development and out-of-the-box rules engine which ensures financial institutions are future-proofed against evolving Know Your Customer (KYC), Anti-Money-Laundering (AML), tax and OTC derivatives-based regulations across 100 jurisdictions. Fenergo recently expanded into new markets including asset and wealth management, private, retail, business and commercial banking and has over 80 global clients.