Recently, Fenergo, a leader in client lifecycle management (CLM) and IBM made an announcement in regards to the general availability of IBM’s CLM solutions with Fenergo. The latest offering is all set to incorporate analytics from IBM cloud and AI from IBM Watson to help the financial institutions increase their efficiency in customer onboarding through better regulatory compliance, personalization, and risk assessment. Previously, it took almost weeks together for financial institutions to complete customer onboarding. Reports from Fenergo and Forrester showed that only a few financial institutions had implemented onboarding solutions and the rest spend almost 2 to 12 weeks to complete the onboarding process.
The recent collaboration with Fenergo is a small part of IBM’s effort to help financial institutions in their digital transformation endeavor. IBM’s success is quite evident because now, almost 9 out of 10 financial institutions and Fortune 500 banks use IBM’s cloud services. IBM is continuing to strengthen and expand its services, solutions offering, and partnerships. The latest advancements are used by IBM in their RegTech solutions to leverage AI and machine learning in the compliance process. This, in turn, has increased the operational efficiency, improved transparency, and accelerated insights, while working on the hybrid cloud environment.