Ireland-based regtech Fenergo has been selected by Germany’s state bank Landesbank Baden-Württemberg (LBBW) to provide cloud-based onboarding. LBBW has partnered with Fenergo, a provider of KYC, client lifecycle management (CLM), and transaction monitoring solutions, to implement a cloud-based client onboarding system to augment its compliance processes.

Fenergo will support LBBW's operations across Europe (excluding Germany), the United Kingdom, and Asia, serving approximately 1,500 institutional and corporate clients. With total assets of EUR 324 billion, LBBW is one of Germany’s largest state banks. It has selected Fenergo to enhance automation of its compliance processes and increase operational efficiencies.

This will strengthen the bank's reputation and competitiveness as part of its international growth. Speaking on this partnership, officials from Fenergo said the cooperation with LBBW is an important milestone for them as they expand their footprint in Germany. Many German banks are focused on modernising compliance solutions, especially for client onboarding and customer lifecycle management.

Fenergo enables firms to digitalise and automate onboarding and compliance processes throughout the client lifecycle to increase operational efficiencies, improve customer experience, and ensure regulatory obligations are met, thus avoiding costly penalties. In a reply, representatives from LBBW stated that they expect Fenergo’s solutions to increase efficiency in the areas of onboarding and customer data management. Thanks to the higher degree of automation, they can implement regulatory changes faster while delivering more streamlined customer onboarding journeys and thus achieve greater customer satisfaction.

Germany leads in KYC compliance spend Fenergo recently analysed global spend on KYC processes for its ‘KYC Trends in 2023’ study. The results show that, at 22%, Germany has the highest proportion of banks worldwide that spend more than half of their total compliance budget on KYC processes. Fenergo’s solution delivers savings on KYC and anti-money laundering (AML) costs through process automation, system consolidations and the introduction of modern cloud technologies.

What does Fenergo do? Fenergo is a provider of AI-powered Client Lifecycle Management (CLM) solutions that digitally transform how financial institutions, asset management, and fintech firms and corporates onboard and manage clients throughout their client lifecycle. Its software digitally orchestrates every client journey from initial Know your Customer (KYC) and client onboarding, automating regulatory compliance and enabling continuous monitoring throughout the client lifecycle (transaction monitoring, perpetual KYC), all the way to client offboarding. Fenergo is recognised for its in-depth financial services and regulatory expertise and out-of-the-box rules engine which ensures financial institutions are future-proofed against evolving Environmental, Social, and Governance (ESG), KYC, Anti-Money-Laundering (AML), tax, and prudential regulations across 120+ jurisdictions.

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