Aviva selects Fenergo to transform KYC, CDD and AML processes
Aviva has selected Fenergo, a provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, to replace Know Your Customer (KYC), Customer Due Diligence (CDD) and Anti-Money Laundering (AML) systems and services.
Fenergo will work initially with Aviva Investors and later with Aviva UK Insurance, to rapidly onboard all legal entities associated with investors and clients across all jurisdictions, transforming the investor and client onboarding experience.
Aviva selected Fenergo to deliver an end-to-end solution to streamline the management of multi-jurisdictional KYC, CDD, and AML regulatory processes, while improving the customer journey and driving efficiencies by replacing manual processes. Fenergo will enable Aviva Investors to achieve a single client view through a central data repository which will also serve as a golden source for all KYC data. The centralisation of data will reduce the number of information outreach requests to new and existing customers and will allow resources to focus on more value-add and revenue generating tasks within the business.
“Aviva Investors has continued to focus heavily on improving our clients’ onboarding process, as we strive to provide the seamless experience that our clients expect and deserve,” says Michelle Calcutt, head of Client Experience. “Implementing the Fenergo solution will be a great step forward, as it will enable us to make best use of publicly available data and streamline the process further. In reality this will mean less onerous documentation requests to our clients, resulting in a faster and smoother onboarding experience.”
With Fenergo’s solution, Aviva Investors will be able to easily identify and trace Ultimate Beneficial Owners (UBO) and better understand complex legal entity hierarchies and ownership relationships. Fenergo’s solution ensures accurate regulatory classifications and reporting across multiple jurisdictions and provides increased transparency required by third parties such as auditors and regulators. In addition, Fenergo’s solution will automate all periodic and ongoing KYC reviews and maintenance requests as well as requisite risk assessments within a secure platform.
Kevin O’Neill, global head of Asset Management and Asset Servicing at Fenergo, says: “We are delighted to partner with Aviva Investors, one of the world’s leading Asset Management businesses. In today’s competitive and challenging climate, the Asset Management industry has recognised the need to digitalise the onboarding process and streamline compliance amid the various regulatory headwinds. Our solution will help Aviva Investors to optimise client experiences while ensuring that all AML, KYC and CDD requirements are automated in a rules-based secure environment.”
“In working with Aviva Investors, we also look forward to expanding our services into Aviva Insurance and in time, extending our CLM solution into the Global Insurance industry,” continues Kevin.
Aviva, an international savings, retirement, and insurance business serving 33.4 million customers globally, joins Fenergo’s growing roster of Asset Management and buy-side financial institutions.