DNB Bank picks Fenergo to provide CLM solutions in multi-year project
DNB Bank, Norway’s largest financial services group, has selected Fenergo to provide it with client lifecycle management (CLM) solutions.
Fenergo is providing its platform on a SaaS basis
Fenergo is set to deploy consolidated know your customer (KYC) and anti-money laundering (AML) across “all business lines” at the Nordic bank.
The multi-year project will see Fenergo’s Software-as-a-Service (SaaS) solution replacing the current manual processes in place at DNB.
“Banks globally are under significant pressure to deliver exceptional customer experiences while satisfying evolving regulatory requirements,” says Kevin O’Neill, head of EMEA at Fenergo.
“DNB Bank can streamline the entire end-to-end client lifecycle process, drive efficiencies, and reduce the costs associated with evolving regulation.”
Founded in 1882, DNB has combined assets of around $230 billion, and holds a market share of just over 50% in its home region.
Fenergo announced in May this year its acquisition by two private equity firms, Paris-based Astorg and London-based Bridgepoint, in a $600 million deal.
Its clients include UK insurance company Aviva, the Americas division of Mizuho Financial Group, and major European banks such as Santander, ABN AMRO, and BNP Paribas.
