Landesbank Baden-Württemberg (LBBW), Germany’s largest state bank, has selected Fenergo to automate its compliance processes.
The collaboration aims to implement a new cloud-based client onboarding system to enhance LBBW’s compliance processes.
The primary reason for this partnership is to support LBBW’s operational efficiency and international growth.
Fenergo’s technology will be used to automate compliance and onboarding processes, boosting LBBW’s competitiveness and reputation.
LBBW is looking to improve its services for around 1,500 institutional and corporate clients across Europe (excluding Germany), the UK, and Asia.
Germany’s largest Landesbank, LBBW’s total assets is €324bn. Its main objective in partnering with Fenergo is to increase automation in compliance processes, particularly in client onboarding.
This move will enhance the bank’s international operations by improving operational efficiencies and compliance standards.
Fenergo will help LBBW streamline its client lifecycle management, reducing costs associated with anti-money laundering (AML) and KYC processes.
The firm’s cloud-based technologies are designed to automate onboarding and regulatory compliance, helping institutions like LBBW meet international regulatory standards while improving the overall client experience.
Fenergo also recently revealed that 22 per cent of German banks spend more than half of their compliance budgets on KYC processes, highlighting the importance of cost-saving solutions like automation and system consolidation.
LBBW’s move to adopt Fenergo’s technology reflects a wider industry trend in Germany towards modernising compliance and onboarding processes.
Ruth Ormsby, Managing Director of EMEA at Fenergo, said, “The cooperation with LBBW is an important milestone for Fenergo as we expand our footprint in Germany. Our mission is to support local financial institutions (FIs) on the path to digital transformation by applying our deep experience gained from transforming the world’s most well-known and largest FIs. 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,” continued Ormsby.
Jonathan Bashforth, Head of Compliance EMEA at LBBW, remarked, “We expect Fenergo’s solutions to increase efficiency in the areas of onboarding and customer data management. Thanks to the higher degree of automation, we can implement regulatory changes faster while delivering more streamlined customer onboarding journeys and thus achieve greater customer satisfaction.”
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