Alliance combines Fenergo’s best-in-class technology with Deloitte’s business transformation expertise through the lens of AI.
Big five consulting giant Deloitte has struck an agreement to deliver Irish unicorn Fenergo’s fintech products to financial institutions across Europe.
Fenergo is the Dublin-born tech business that is valued at more than $1bn and which provides digital solutions for Know Your Customer (KYC), Transaction Monitoring (TM) and Client Lifecycle Management (CLM).
“With the addition of AI, the transformative power of Client Lifecycle Management is even more accessible and rapid”
The Irish business is on a trajectory to be valued at more than $5bn in the coming years.
A spinout from John Purdy’s Ergo, Fenergo was founded in 2009 by Marc Murphy.
Fenergo’s SaaS platform provides solutions to the world’s largest and most complex financial institutions, helping to fight financial crime and to enhance customer journeys while being compliant every step of the way.
The Irish business currently helps top financial institutions including ICBC Standard Bank, Santander, Mizuho, ABN AMRO and BNP Paribas to digitally transform their end-to-end client lifecycle processes.
The AI-driven future of finance
It is envisaged the alliance between Deloitte and Fenergo will empower financial institutions and corporates to better address evolving KYC, anti-money laundering (AML) and environmental, social and governance (ESG) regulatory obligations.
“Transforming organisations by using AI is something we’re committed to in Deloitte,” said Graham Healy, Consulting Partner, Deloitte Ireland.
“Our collaboration with Fenergo and the launch of our Centre of Excellence illustrates our focus on providing innovative technology solutions to our clients that drive competitiveness and efficiency.”
Fenergo’s own research has found that slow and inefficient onboarding processes have caused nearly half (48%) of global financial institutions to lose clients.
To address this challenge, Fenergo and Deloitte Ireland will deploy AI-powered software as a service (SaaS) CLM, which will digitalise client onboarding and lifecycle management journeys, and in turn accelerate the time it takes to generate revenue while enabling firms to better identify and mitigate risk.
“With the unrelenting evolution of global regulation and the need for firms to simultaneously drive growth, the demand for our CLM solutions has risen exponentially and expanded beyond financial services,” said Matt Edwards, Global VP of Partnerships and Alliances, Fenergo.
“With the addition of AI, the transformative power of CLM is even more accessible and rapid. Our alliance agreement with Deloitte will enable us to accelerate implementation while helping firms build a more sustainable and compliant future, while delivering a step change in customer experience.”
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