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.
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.
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.
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.
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.
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.