Transforming Customer Experience is key to Growth and Prosperity

Hello and welcome to Finextra I'm Hannah Wallace and with me now is Marc Murphy CEO of Fenergo and we're discussing how transforming customer prosperity for the banking and asset experience is key to growth and management community. Hello Marc thank you very much for taking the time to speak with us today. Thank you Hannah. Firstly what insights and updates can you share with us from Fenergo's recent client council event ? So two key themes came true resoundingly from the event the first is that banks don't want to build client lifecycle and kyc solutions alone they look at their peers they're all doing the same thing they feel the solution is more mature and better when they're holding hands and designing it Fenergo allows them to bring that together. The second which we've heard over and over over the last number of years is when a new regulation gets issued actually solving it with their peers in a community you know is much better for them the mutualization of cost around regulation is really a big you know ambition from banks and that's one of the big themes we heard again this year at the client council. All right so looking at the latest research Fenergo commissioned on client lifecycle management and onboarding what were the key takeaways practitioners should take on board ? There were a number of them in the article the two that resonate for me were really straight through processing so management-by-exception really looking at digitizing that middle office I think we're past the point where banks are looking at mobile apps and facades or veneers at the front in the middle of the organization that's where all the headcount is how can they automate what's manual today. So that was the first thing and then the second thing really was around event-driven kyc reviews so if you look at the big overhead in banks around the KYC review process there's hundreds of people usually assigned to that process so the world is changing to an event-driven so only open that foil if something has changed now you've got to have the plumbing and all of the data coming together to enable you to do that but certainly that's what we're seeing as we're talking and interacting with our clients. And finally can you run me through why industry standards are key to driving improved customer experience through KYC and client onboarding ? So industry standards in the KYC and AML space is not new, so over the last number of years we've had the rise of the KYC utilities Clariant,, Org ID from Thomson Reuters the market has wanted to get to a standard to share the cost now hundreds of millions of dollars has been invested in that space but it hasn't worked and it hasn't worked in my opinion because of adoption big institutions and corporates they don't want to deal with a middle person they want to deal directly with their bank but the appetite to share the cost for standards and for regulation hasn't gone away so standards are still out there it's just about unleashing it in the right way which is really gonna bring and the benefits to the banks. Marc this has been great thank you very much. Thank you Hannah. And thank you for watching. And thank you for watching

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