Fenergo, the leading provider of Client Lifecycle Management software solutions to the Corporate & Institutional, Business & Commercial and Private Bank sectors, has been ranked in the Chartis RiskTech100® for the fourth consecutive year, and is the highest-ranking dedicated provider of Client Lifecycle Management technologies in this year’s study.
Now in its twelfth year, Chartis’ RiskTech100® is widely acknowledged as the most comprehensive independent study of the world’s major providers of risk and compliance technology.
Fenergo has moved up the Chartis RiskTech100® rankings each of the past four years. This year, the company saw gains across the board in categories such as Innovation, Functionality, Core Technology and Market Presence.
Speaking on the rankings, Marc Murphy, Fenergo CEO, said, “I am so proud to be ranked once again among the top 100 risk technology firms in the world, but more importantly to be the only dedicated Client Lifecycle Management software vendor in the top 40.
“In addition to the 62 banks live on the Fenergo platform today, over the last 12 months we have won deals in every major financial services centre in the world. We continue to focus on developing our client community, tapping into a global regulatory collective of 20,000+ risk and compliance experts to feed our regulatory and product roadmaps and ensuring continued global compliance and regulatory surety for our clients. We have also grown our own internal RegTech experts with two major job announcements, bringing our total global employee number to 600 by the end of this year. We have coupled this approach with a strong partner engagement strategy both from a product and implementation perspective.”
Fenergo’s success in winning deals with top-tier financial firms is primarily due to two driving forces in the industry: a stricter and more scrutinized regulatory environment (including additional regulations concerning Anti-Money Laundering (AML), Know Your Customer (KYC) and a myriad of growing and tighter derivative trading reforms); and a digital banking revolution that is taking place in every banking market in the world. Fenergo estimates that up to 50% of the manual efforts of the front and middle office can be automated, increasing operational efficiencies and mitigating the inherent risk of manual processes.
Speaking on the RiskTech100® announcement, Sid Dash, Research Director at Chartis Research said, “The increased number of regulations is changing the way banks are managing the compliance and client lifecycle processes. More and more banks that would have previously built solutions internally are now coming to market to partner with firms like Fenergo. Fenergo has proven that it can offer the advantages of a collectively engaged client community whose feedback has direct input into its regulatory and product roadmaps, allowing firms to comply with any new regulation from Day 1 and ensuring continued compliance throughout the client lifecycle. By digitalizing and automating the compliance, data management, client onboarding and lifecycle processes, banks can re-invest their resources to focus on more high-value and client-centric tasks. RiskTech100® recognizes those vendors that deliver enhanced ROI and provide a positive impact on client experience.”
Fenergo works with some of the world’s largest financial institutions including Santander, SMBC Nikko, and BBVA, among others.