IBM, Fenergo to support customer onboarding for financial institutions

The offering incorporates artificial intelligence (AI) from IBM Watson and analytics on the IBM Cloud to help financial institutions with the customer onboarding process. Onboarding a new client can often take weeks for a financial institution to complete.

Research undertaken by Forrester and Fenergo showed financial institutions that have implemented only partial onboarding solutions spend between two and 12 weeks to complete the new client onboarding process, according to the official press release. Moreover, financial penalties and sanctions can follow if anti-money laundering (AML) and know-your-client (KYC) regulations are not followed.

The offering is designed to incorporate analytics on the IBM Cloud to help assess the risk profile of a new customer, such as geography, money-movement behaviour and network, as well as AI built on IBM Watson to compile an analysis of the customer’s reputation based on publicly available information.