Landesbank Baden-Württemberg (LBBW), Germany’s largest state bank, has selected Fenergo, the provider of solutions for know your customer (KYC), client lifecycle management (CLM) and transaction monitoring to provide a new cloud-based client onboarding system to enhance its compliance processes.
Fenergo will support LBBW’s business in Europe (excluding Germany), the United Kingdom and Asia and thus “around 1,500 institutional and corporate customers.”
With total assets of €324 billion, LBBW is Germany’s largest Landesbank. The bank selected Fenergo to enhance automation “of its compliance processes and increase operational efficiencies.”
This will strengthen the bank’s reputation and competitiveness “as part of its international growth.”
Ruth Ormsby, Managing Director of EMEA at Fenergo, says:
“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.”
Ormsby added:
“Many German banks are focused on modernizing 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.”
Fenergo recently analysed global spend on KYC processes for its “KYC Trends in 2023” study.
The results show that, at 22 per cent, Germany has the “highest proportion of banks worldwide that spend more than half of their total compliance budget on KYC processes.”
Fenergo’s solution delivers savings on KYC and anti-money laundering (AML) costs “through process automation, system consolidations and the introduction of modern cloud technologies.”
