Fenergo, a provider of Know Your Customer (KYC) digital solutions, has launched Fenergo Smart Review, an automated and persistent KYC solution.
According to the company, Fenergo Smart Review allows financial institutions to streamline the KYC verification process by automating the monitoring of customer profiles to ensure his KYC compliance. Changes to customer profiles in areas such as organization, transactions and AML are being investigated and their impact on risk assessed.
According to his recent Fenergo survey, financial institutions spend him 61 to 150 days verifying his KYC customers, and the average cost of verification is $2,200. This automated process allows low-risk cases to be handled directly, while high-risk cases receive enhanced due diligence by analysts. Reducing human intervention saves cost, time and regulatory risk, Fenergo says.
Fenergo’s Director of Strategy, Stella Clark, said: Fenergo Smart Review allows financial institutions to simplify their KYC verification process by automating ongoing customer monitoring. ”
Phil McKenzie, director of research at Chartis Research, added: Fenergo’s permanent his KYC solution ensures that most of the hard-to-automate work can be done reliably, allowing analysts to focus on critical risks. ”