Landesbank Baden-Württemberg picks Fenergo 11 September 2024UK Reporter: Clelia Frondaroli
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Landesbank Baden-Württemberg (LBBW) has appointed Fenergo to provide a cloud-based client onboarding system.
Fenergo’s system was selected to improve compliance processes via automation and enhance operational efficiencies. LBBW says this will strengthen the bank's reputation within the international market.
The solution also aims to deliver savings on know your customer (KYC) and anti-money laundering costs (AML) for the bank, through system consolidations.
Ruth Ormsby, managing director of EMEA at Fenergo, states: "The cooperation with LBBW is an important milestone for Fenergo as we expand our footprint in Germany. Our mission is to support local financial institutions on the path to digital transformation by applying our deep experience."
Jonathan Bashforth, head of compliance EMEA at LBBW, concludes: "Thanks to the higher degree of automation, we can implement regulatory changes faster while delivering more streamlined customer onboarding journeys and thus achieve greater customer satisfaction."
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