Fenergo

Remote Account Opening

Cloud-based, digital-first approach to fast,

frictionless and compliant new account opening

Helping to deliver essential emergency financial aid to small

and mid-sized businesses, the lifeblood of the economy
 Fenergo Remote Account Opening

The Challenge
All over the world, countries are coming to the rescue of small
to medium-sized companies in the form of COVID-19 stimulus
packages, designed to keep these businesses afloat and
employees paid during this current healthcare and economic
crisis. While these differ across each country, one thing remains
consistent: financial institutions are struggling to cope with
unprecedented demand for loan requests, with processes
coming apart and technology buckling under the pressure.

Specifically, the complex and onerous Know Your Customer

(KYC) and Anti-Money Laundering (AML) compliance
processes have created a serious backlog of applications
waiting to be processed. This has resulted in some banks
ceasing applications from new clients, as the AML/KYC checks
and verification processes simply take too long to complete.
Instead, they are focusing on existing customers with
pre-existing AML/KYC checks in place.

The problem is that Commercial & Business banks are simply

not set up for swift, remote and compliant account opening.

At a time when businesses need you most, don’t close your doors!
There’s a better way to open new accounts — digitally and remotely.
Fenergo Remote Account Opening is a digital, cloud-based, plug and play solution that facilitates a fast and
compliant account opening process. It empowers business and commercial banks to implement a fast and
frictionless new account opening process, enabling them to deliver much-needed stimulus loans to thousands of
businesses – for both new and existing customers.

Here’s how it works!

1 Loan Application: Fenergo Remote

Account Opening enables customers
2 AML/KYC Compliance: Its cloud-based,
streamlined and remote approach to account
to apply for a loan using a guided form opening can be completed in a way that is
on the Fenergo Portal or the bank’s fully compliant with AML/KYC compliance
own portal. The solution has built-in fail obligations. The information obtained through
early provisions on account and loan the application is automatically entered
eligibility requirements. into Fenergo’s Rules as a Service, a cloud
version of its award-winning Regulatory
Rules Engine, which identifies all in-scope
regulations and requirements necessary to
evidence the AML/KYC compliance process.

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 Fenergo Remote Account Opening

3 Digital Data Capture and ID&V: Fenergo Remote Account Opening enables new information to be
captured digitally to support the loan application and compliance process, incorporating Identity &
Verification technologies that allow for instantaneous verification of new customers.

4 Straight Through Processing and Manage by Exception: With Fenergo Remote Account
Opening, banks can easily facilitate applications from both new clients (i.e. no previous banking
relationship) and existing clients, providing automated straight through processing for AML/KYC
compliance for the majority of low-risk applications, managing higher risk applications by exception.

5 Automated Document Generation and e-Signatures: Once the application has been approved,
the solution automatically generates client documentation that outlines the terms and conditions of
the approved loan. These documents can be electronically signed by both parties (lender and client),
greatly speeding up the end-to-end process.

Fenergo Remote Onboarding - Loan Application Process

NEW REQUEST UNDERWRITE VALIDATE WELCOME

Portal / DCO
Mark Campbell
Loan Applicant

Creates Provide Provide Provide

Confirm Request Client
Login with Digital KYC Attestation Additional DocuSign
Eligibility Loan(s) Package
the Bank Information Docs Information

Fenergo
Automated Tasks

Trigger
Loan Risk Generate Downstream
ID&V Screening
Calculation Assessment Documents Integration
Cases
High PEPs &
Risk Sanctions
Peter Nolan
Underwriter
Fenergo CLM Review
Loan
Information

Steve Underwood
Analyst

Exception Inform
Client Enrich Client of Reject
Outreach Review Application
Data Change

= Call to Rules Engine

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 Fenergo Remote Account Opening

Choose the No. 1 for KYC Account Opening and achieve:

Faster Account Opening Improved Visibility Across Account Opening

via truly digital, omni-channel for all relevant stakeholders (sales, onboarding,
customer journeys. credit, legal, account set-up).

Rules-Driven, Risk-Based Compliance Greater Internal Efficiencies

with local and global AML and that removes friction, promotes straight through
KYC regulations and more. processing and management by exception, alleviating
the burden on employees.

Enhanced Customer Experience Lifetime Loyalty

derived from achieving greater internal While COVID-19 is one of the greatest economic
efficiencies that bring the customer from initial and health crises of the last century, financial
loan request through to full account opening firms that can provide much needed financial
and drawdown of loan amounts. assistance in a digital and frictionless way will be
the ones to capture the hearts and minds of the
post-crisis market.

Don’t Delay, Contact Us Today

If
you have an immediate need for a solution that can solve all of your account opening
and compliance challenges, please contact us immediately.

Our experts will show you how we can transform your current onboarding and account
opening processes, allowing you to serve even more of the market at their greatest time
of need.

Email discover@fenergo.com

Visit: www.fenergo.com

© Copyright Fenergo www.fenergo.com info@fenergo.com