PwC’s Belfast-based Operate division has joined up with digital Client Lifecycle Management (CLM) solutions provider Fenergo.
The alliance will combine the regulatory and operational capability of PwC’s Belfast workforce with Dublin-based Fenergo’s API-based CLM solution.
The Belfast team will now provide full client onboarding, Know Your Customer (KYC) review, refresh operations and KYC remediation as managed services, to help the "many banks across the world struggling to keep up with changing regulations and customer expectations".
The growth of PwC Operate since 2017 is a key driver of the Northern Ireland firm’s move to its new tech-enabled Merchant Square office in 2020.
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Last week Operate announced 600 new jobs and three Assured Skills Academies with the Department for the Economy.
Ian McConnell, PwC Partner, said that the company “is always looking at ways to disrupt ourselves and our markets. Acquiring cutting-edge technologies that help our clients is one of the ways we’re doing that.”
He added that working with Fenergo’s cloud-based tech will increase the number of services that the firm can offer to financial institutions.
Julian Clarke, Head of Partners and Alliances at Fenergo commented on the impact that the increasing regulatory landscape is having on financial institutions: “Not only is it making the onboarding and managing of clients more difficult, it’s also having a cost implication – both from an operational perspective to ensure that they’re compliant but also in fines.
“By working with PwC, [they] can mutualise the cost and pressure that they’re under whilst also improving the experience for their customers. We’re focused on collaborating to make sure that financial crime doesn’t impede financial institutions. The alliance with PwC is a hugely important part of that ecosystem.”
