Fenergo has launched AI Powered CLM, a set of AI tools designed to improve operational efficiency, accelerate onboarding and improve end-user experiences.
Using the client lifecycle management (CLM) service, clients will be able to more accurately identify and mitigate financial crime risk, Fenergo said. The firm also seeks to make it easier for clients to meet regulatory obligations around know your customer (KYC), anti-money laundering (AML) and sanctions measures.
The product has been launched against a backdrop of increased penalties for a lack of regulatory compliance, a changing regulatory landscape and more sophisticated financial crime, the firm added.
Three separate AI functionalities are included in the new service: intelligent document processing and advanced reporting, which are currently available, and AI assistant, which will be rolled out by Q4 2024, Fenergo stated.
Intelligent document processing reduced manual document handling by up to 72%, according to the firm, automating labour-intensive manual tasks and reducing the chance of human error.
Advanced reporting allows analysts to create new reporting queries through a no-code, AI-driven service. The solution also allows users to create AI-generated advanced analytics visualisations, which Fenergo said will help to accelerate decision making by providing actionable insights.
AI assistant will use generative AI and natural language processing to reduce the time and cost of firms’ operations, Fenergo commented, improving risk management and alleviating workloads.
Through the expansions, Fenergo also aims to reduce the costs associated with KYC and anti-money laundering (AML) compliance and accelerate time to revenue.
Stella Clarke, chief strategy officer at Fenergo, commented: “Regulators across the globe are tightening their grip on financial crime prevention, enforcing tougher penalties for compliance failures and launching new initiatives like the EU’s Anti-Money Laundering Authority.
“Against this backdrop, it is crucial banks look to bolster their capabilities with regards to client onboarding, due diligence and regulatory reporting – especially considering the growing shortage of compliance professionals globally. Harnessing the power of artificial intelligence and machine learning to deliver greater efficiencies can no longer be seen as a bonus in the context – it must be an integral element of their strategy.”
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