Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, and IBM announced the signing of an original equipment manufacturing (OEM) agreement that will allow the companies to collaborate on solutions that can help clients address the multitude of financial risks they face.
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The agreement enables IBM and Fenergo to create solutions that combine Fenergo’s CLM offering with IBM’s RegTech portfolio of anti-money laundering (AML) and know-your-client (KYC) solutions, all built with Watson. As a result, IBM will offer companies a complete AI application suite that is focused on risk and compliance and helps clients fend off financial criminals and meet their intensifying regulatory requirements for disclosure.
IBM plans to build on this work to assist clients in integrating AI-driven insights from its Financial Crimes Insights series of solutions into Fenergo’s CLM solution. Fenergo’s software is designed to help clients further reduce false positives in the AML and KYC solutions, reduce the costs of manual intervention, drive operational efficiencies, and improve overall customer experiences.
More than $10 billion in global fines was doled out to companies and financial institutions in 2019 for non-compliance with AML, KYC and sanctions regulations. Since 2008, the total value of fines amounts to a staggering $36 billion. In such a complex and costly regulatory environment, financial institutions and organizations around the world are under increasing pressure to respond and respond quickly.
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