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Case Study

CRM and CLM Integration for Faster KYC and Onboarding

How one US financial institution digitalized its KYC and onboarding operations to deliver a fully connected customer ecosystem with the world’s #1 CLM and the world’s #1 CRM


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We wanted to not only tackle regulatory compliance, but also capture the overall end-to-end customer lifecycle process and Salesforce has truly become that single solution for all our customer lifecycle needs.

I call this the power of three technologies: Salesforce, Fenergo and Master Data Management - a true platform for success.

CIO, US-headquartered Fenergo client

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The Challenge

Priding itself as a relationship bank, the financial institution found that its customer experience was lengthy, inefficient and painful. The culprit was a sprawling mass of manual internal processes that didn’t connect and could not deliver visibility across the organization. KYC was replicated across multiple legacy systems, requiring manual input and a significant amount of ‘swivel chair’ activity to do even the most basic KYC tasks. Inefficiencies were costly, time consuming and were impacting customer relationships.

They needed a customer journey management solution that integrated all parts of the firm to improve operational efficiency, cut costs and ultimately enhance customer relationships.


The Solution

Using Fenergo KYC and Onboarding for Salesforce® as their one-stop shop for customer lifecycle management (CLM), relationship managers can now fully manage and monitor each onboarding case with complete regulatory surety without leaving their CRM.


With Fenergo and Salesforce, financial institutions can achieve:

82%
reduction in onboarding times

80%
data and documentation re-use

34%
saving in audit costs
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By Integrating Salesforce CRM & Fenergo RegTech, our client achieved:

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Centralized Onboarding guarantees a Seamless Customer Experience

All customer-facing teams can now complete end-to-end onboarding in Salesforce, including customer due diligence and data and document collection. They also have full visibility across the prospecting, onboarding and compliance processes. Every customer journey is digitally orchestrated through all internal approval processes with optimized straight through processing.

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Streamlined KYC Operations with in-built Regulatory Rules

Digitalizing the KYC and regulatory compliance process has significantly increased operational efficiency for the organization. Fenergo’s Regulatory Rules engine determines all the specific KYC, AML, Tax and Risk requirements for every customer onboarding case in Salesforce based on customer type, product type and regulatory jurisdiction. This real-time information is fed directly back to compliance teams via in-built workflows, streamlining the decision-making process.

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Improved Operational Efficiency with Centralized Data

The solution integrates with a host of data, screening and utility providers to automate the data acquisition process for the firm, saving time for their customers in submitting information. It centralizes this information to promote re-use across business lines and jurisdictions (within the parameters of data privacy rules), improving efficiency and customer experience.

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Integrated Digital Outreach Empowers Customers

For any outstanding data and documentation, the firm leverages Salesforce Cloud to provide a digital portal experience where customers can upload data and documents safely and securely. Seamless customer portal integration allows the firm’s customers to easily self-serve for a frictionless customer experience anytime, anywhere.

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Overview

With 2,500 Relationship Managers using Salesforce to manage their customer-facing operations, our client wanted to streamline their KYC operations in a way that would provide minimal retraining and inconvenience to its relationship managers. They also wanted to achieve a 360° view where every single stakeholder in the organization could access the same unified information on every customer.


The Challenge

Priding itself as a relationship bank, the financial institution found that its customer experience was lengthy, inefficient and painful. The culprit was a sprawling mass of manual internal processes that didn’t connect and could not deliver visibility across the organization. KYC was replicated across multiple legacy systems, requiring manual input and a significant amount of ‘swivel chair’ activity to do even the most basic KYC tasks. Inefficiencies were costly, time consuming and were impacting customer relationships.

They needed a customer journey management solution that integrated all parts of the firm to improve operational efficiency, cut costs and ultimately enhance customer relationships.


The Solution

Using Fenergo KYC and Onboarding for Salesforce® as their one-stop shop for customer lifecycle management, relationship managers can now fully manage and monitor each onboarding case with complete regulatory surety without leaving their CRM.













8
million USA customers

57%
of relationship managers are losing 1.5 days of their working week to manual customer onboarding

82%
reduction in onboarding times




Ready to see Fenergo KYC & Onboarding for Salesforce in action


Automate to accelerate onboarding with the world’s #1 RegTech and the world’s #1 CRM together


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