PwC has partnered with Fenergo to provide client onboarding and Know Your Customer (KYC) review and refresh operations as managed services, adding to the professional services giant's existing Anti-Money Laundering and KYC remediation offerings.

Designed in response to client demands to shorten onboarding times and amalgamate different KYC processes under a single cloud-based solution, the resulting services will help improve customer experience, while providing regulatory certainty for financial institutions.

Coming as part of PwC’s ongoing focus on digital transformation and developing new models of delivery, the alliance marks a further significant expansion of the financial crime services provided by the firm.

Ian McConnell, PwC partner, said: “PwC 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.

“Working with Fenergo will enable us to do KYC differently - complementing our regulatory knowledge, delivery capability and experience with cloud-based CLM technology will increase the number of services that we can offer to financial institutions," he added.

Julian Clarke, head of partners and alliances at Fenergo, said that the impact that the increasing regulatory landscape is having on financial institutions is significant.

"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, financial institutions can mutualise the cost and pressure that they’re under whilst also improving the experience for their customers."

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