First Abu Dhabi Bank Integrates Fenergo CLM Solution to Enhance Client Onboarding and AML Compliance

First Abu Dhabi Bank (FAB), a leading financial institution in the UAE, has integrated a client lifecycle management (CLM) solution from Fenergo, a renowned provider of Know Your Customer (KYC), CLM, and transaction monitoring digital solutions.

By adopting Fenergo’s software-as-a-service (SaaS) solution, FAB aims to accelerate client onboarding and enhance its anti-money laundering (AML) compliance processes. This integration is expected to enable the bank to start onboarding new small to medium-sized business (SMB) clients within six months using Fenergo’s API and configuration-first solution. The bank also plans to extend this platform to support its corporate and institutional clients in the near future.

Fenergo’s solution is designed to facilitate end-to-end digital client onboarding and risk assessment for sanctions, AML, and KYC. This will allow FAB to process low-risk customers efficiently, thereby improving onboarding speed and reducing costs.

The deployment of Fenergo’s SaaS CLM solution, powered by Amazon Web Services (AWS), will provide FAB with a comprehensive view of every stage of the client lifecycle, from initial onboarding and regulatory compliance to maintenance and off-boarding. This holistic approach is expected to reduce silos, increase transparency, and enhance cross-functionality between the bank’s technology, data, and operations teams.

In addition to operational efficiency and regulatory compliance, Fenergo’s solution will help FAB stay attuned to the evolving needs and expectations of its customers. Enhancing the client experience was a key factor in FAB’s decision to implement Fenergo’s solution.

FAB, known for its commitment to exceptional customer service, is one of the UAE’s most prominent financial institutions. The bank offers a comprehensive range of financial products and services to meet the diverse and growing needs of its clients.

Source: thefintechtimes.com

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