Collaborating with Fenergo means that PwC will now provide client onboarding and KYC review and refresh operations as managed services, complementing PwC’s existing AML and KYC remediation offerings.

PwC’s financial institution clients can now access an innovative and efficient managed solution to address their ongoing KYC challenges.

The alliance combines PwC’s regulatory expertise and operational capability with Fenergo’s cloud-based, award-winning, CLM solution, increasing PwC’s footprint in the area of financial crime operations.

Designed in response to client demands to shorten onboarding times and amalgamate different KYC processes under a single cloud-based solution, the resulting services will improve the full customer experience while providing regulatory certainty for financial institutions.

Coming as part of PwC’s ongoing focus on digital transformation and developing new models of delivery, the alliance marks a further significant expansion of the financial crime services provided by PwC.

Ian McConnell, PwC Partner, said: “PwC is always looking at ways to disrupt ourselves and our markets. Acquiring cutting-edge technologies that help our clients is one of the ways we’re doing that.

“Working with Fenergo will enable us to do KYC differently - complementing our regulatory knowledge, delivery capability and experience with cloud-based CLM technology will increase the number of services that we can offer to financial institutions.

“For PwC and Fenergo, the future is one where financial services use the best people and digitally-enabled solutions to deliver the best customer journey. This collaboration makes that future, today.”

Julian Clarke, Head of Partners and Alliances at Fenergo, said: “The impact that the increasing regulatory landscape is having on financial institutions is significant. Not only is it making the onboarding and managing of clients more difficult, it’s also having a cost implication – both from an operational perspective to ensure that they’re compliant but also in fines. PwC developing new services based on the Fenergo platform makes it even easier for financial institutions to streamline KYC compliance and benefit economically.

“By working with PwC, financial institutions can mutualise the cost and pressure that they’re under whilst also improving the experience for their customers. We’re focused on collaborations that make sure that financial crime doesn’t impede financial institutions. The alliance with PwC is a hugely important part of that ecosystem.”