DUBLIN, LONDON and NEW YORK, Sept. 16, 2020 /PRNewswire/ -- Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions has been recognized by leading risk technology analyst firm, Chartis Research, as a category leader for Know Your Customer (KYC) in the RiskTech Quadrant® for KYC Solutions 2020, in the KYC/AML Software Solutions update report.
Fenergo was selected as a category leader by Chartis Research following in-depth independent research and scoring of KYC systems to evaluate which solutions best meet financial institutions' needs. Chartis rated Fenergo based on criteria used to assess vendors, including entity resolution, reporting and dashboarding, KYC risk scores, customer profile enrichment with additional data, customer onboarding and workflow engine.
This is the second consecutive year that Fenergo has been classified as a Category Leader for Completeness of Offering in the RiskTech Quadrant® for KYC Solutions. The rating is testament to Fenergo's track record of delivering best-in-class CLM solutions and depth of regulatory expertise that meet the digital and regulatory requirements of global financial institutions.
"Fenergo offers one of the most comprehensive solutions for client lifecycle management and KYC, as highlighted in our analysis of the KYC software systems vendor landscape," said Phil Mackenzie, Senior Research Specialist at Chartis. "The pandemic is forcing financial institutions to accelerate the digitalization of their operational processes, and many view outsourcing to third parties as a cost-effective and efficient way of managing KYC/AML compliance and mitigating risk. Fenergo's breadth of functionality and regulatory expertise make it well placed to address the needs of financial institutions today."
Marc Murphy, CEO, Fenergo, said: "We are thrilled to be chosen by Chartis as category leader for KYC software once again. In today's challenging business environment financial institutions are focusing their attentions on customer experience and improving operational efficiencies. We are seeing a definite shift away from the traditional approach of bolstering compliance resources to automating and digitalizing KYC and onboarding processes. Financial institutions want a software solution that can accurately risk assess clients, determine their source of wealth, and manage lower risk customers in a straight through process while excluding higher-risk clients by exception. Fenergo delivers all this, accelerating time to onboard and creating more connected customer journeys that translate into more positive experiences."
Fenergo is 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 recognized 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.
About Chartis Research
Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis' goal is to support enterprises as they drive business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.