Fenergo’s CLM solution has enabled the bank to digitalise and accelerate onboarding for corporate and financial institution clients, bolster operational efficiency, and enhance overall client experience.

Founded in 1980, Bank ABC is headquartered in Manama, Kingdom of Bahrain with a presence spanning 15 countries across five continents, including the Middle East, North Africa, Europe, the Americas and Asia. The Bank collaborated with Fenergo as part of a wider Wholesale Banking digitisation initiative aimed at radically transforming client experience and achieving competitive advantage through simplified, seamless banking solutions. Fenergo provides Bank ABC with a 360-degree view of corporate customers, increasing collaboration and transparency whilst easing back-end employee workflow.

Connecting internal stakeholders and clients with third party data and name screening providers on a single platform, Fenergo’s API-first SaaS platform intelligently orchestrates end-to-end client journeys, enabling the bank to onboard new clients faster and hassle-free. Fenergo’s coverage of KYC, AML, and regulatory rules in over 100 jurisdictions ensures the Bank is future proofed against new and evolving regulations in its 15 markets of presence. Furthermore, the hosting nature of Fenergo’s SaaS platform enables Bank ABC to benefit from reduced total cost of ownership, availability, and operational agility.

Mr. Sael Al Waary, Bank ABC Deputy Group Chief Executive Officer, said: “Our mission is to enable the business and growth aspirations of clients across the globe through effortless, seamless and easily accessible banking services and solutions. Fenergo’s cloud-native CLM solution, which fast-tracks and automates the client onboarding process, helps fulfil our objective and align banking with evolving client expectations and preferences in this fast paced, increasingly touchless world.”

Marc Murphy, Chief Executive Officer, Fenergo, said:
“We are delighted to provide Bank ABC with a solution that delivers a single client view of its corporate customers, boosting efficiencies, delivering regulatory certainty, and enhancing the experience for both employees and clients. Bank ABC is a great example of a financial institution that is committed to innovating its offerings in order to deliver a digital customer journey with exceptional customer experience.”

“Bank ABC is ahead of the curve when it comes to digital transformation, both in MENA and globally,” said Cormac Sheedy, Head of MENA, Fenergo, adding, “the drive for transformation within the bank comes from the top and is a fantastic example of how the C-suite can really influence and drive change. We look forward to deploying our CLM solution for Bank ABC not just within the Kingdom of Bahrain but across branches globally.”

Bank ABC’s digital client onboarding service is now available through the Bank’s Head Office in Bahrain and DIFC branch and is scheduled to roll out across the Bank’s global units by Q1 2022.