Funds Industry Report - Flipbook - Page 12
Kevin O’Neill Fenergo
Kevin O’Neill
Global Head of Buy
Side Division
Fenergo
Fenergo’s software solutions enable nancial
institutions to solve the challenges of spiralling levels of regulation by streamlining the
end-to-end Client Lifecycle Management
processes (from regulatory onboarding, data
integration, client and counterparty data
management, client lifecycle reviews and
remediation all the way to client offboarding).
Their solutions are proven to improve compliance, operational efciencies, time to revenue
and client experience.
Fenergo's clients include BBVA, BNY Mellon,
Westpac, Scotiabank and BNP Paribas. Headquartered in Dublin, Ireland, Fenergo has
ofces in North America (Boston, New York,
and Toronto), UK (London), Poland (Wroclaw),
Asia Pacic (Sydney, Melbourne, Singapore,
Hong Kong and Tokyo) and UAE (Abu Dhabi).
Revolutionizing Digital Investor &
Fund Onboarding
take between 2 to 34 weeks to initiate. The
average time to onboard high-net-worth
clients is a staggering 41 days according to a
Societal attitudes are changing at a rapidpace. People want results in a fast, seamless
and digital manner, f ree f rom red tape. These
sentiments are no different in the investor
space, with digitalization enabling f rictionless transactional activities at the touch of a
button. Those failing to adapt ultimately face
the consequence of being left behind.
However, evidence suggests that the digital
revolution has yet to disrupt the end-to-end
onboarding process within the asset management sector, subsequently resulting in an
adverse client experience (CX) and impeding
the ability to win new business. Forrester
research suggests that when using manual
processes, the client onboarding process can
recent nancial recent study. Research has
also shown that it can cost up to $25,000 per
client to manually onboard a new client, with
the average cost calculated at $6,000.
Not only does manually onboarding increase
time-to-revenue and result in other missed
opportunities (such as cross-selling), it also
leads to a negative client relationship from
the very beginning. After all, new clients are
fundamental to fresh cash cycles and as
such, the CX must be a positive one from the
inception.
With the ever-growing regulatory challenges
of
Anti-Money
Laundering
(AML)
and
Know-Your-Customer (KYC) obligations, asset
managers must nd a solution to not only
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