Software for Global Banks and Institutions - Blog CSHARK
Mint Blog
14/10/19

Fenergo Case Study – Software for Global Banks and Institutions

Fenergo Case Study – Software for Global Banks and Institutions

Regulatory Technology or RegTech, is one of the most important parts of a modern financial landscape, allowing information technology to enhance the regulatory process. It is vital for banks and financial institutions to achieve balanced risk management that protects them and their clients from fraud, money laundering and other threats. RegTech also enables a seamless journey through the client onboarding process within a financial institution. CSHARK works closely as Fenergo’s partner – a leading Digital Client Lifecycle Management software provider. CSHARK’s contributes into R&D, Professional Services and Pre-sales. Together we work with top-tier global banks. This is our story.

CSHARK has been working with Fenergo for the past five years. Our relationship proves to be invaluable for clients across the globe. Regulatory technology has exploded in the aftermath of a 2008 crisis, when financial institutions across the globe have been fined with a €27bn for lapses and non-compliance with anti-money laundering (AML), and know your customer (KYC) omissions. Since then, RegTech has been experiencing a huge traction and CSHARK is on board.

How it all started

CSHARK and Fenergo came together to cooperate on Client Lifecycle Management, AML/KYC compliance and Client Data Management solutions for banks and financial institutions. From the very beginning, we were focused on a long-term cooperation to provide solutions for corporate and investment banks, commercial, business and retail banks, private banks and wealth management firms, as well as asset management and asset servicing firms. It was always a long-term play and we mean it with every single line of code or professional check-ins, with every last-minute trip to the other side of the world to support client engagement or with every brainstorming session to offer new ways to solve our client’s problems. We are there for each other.

It all started with 23 people, working as software development partners for Fenergo. As a result, CSHARK became a R&D center for Fenergo. Five years later, CSHARK has grown significantly with three offices in Poland, including our global headquarters, and we continue to grow and thrive in line with Fenergo’s global success.

The impact of regulatory technology

Continued cooperation and collaboration between CSHARK and Fenergo has led to many positive outcomes and key milestones over the last five years.

The obvious ones are, of course, symbiotic-growth, knowledge exchange and true partnership; the family-like community, behaviours and attitudes have developed naturally over the years. Now, CSHARK has nearly 200 developers, a lot of them engaged exclusively in Fenergo day-to-day operations, involved in work such as:

  • Research and Development (R&D) to enable cutting-edge technologies in the Fenergo product stack - from requirement gathering process, through architecture design to implementation and testing
  • Implementation of client-focused solutions utilising the product’s core features in Professional Services, as developers, QA engineers, technology leaders, architects and managers
  • Providing expertise and technical consultancy in pre-sales and sales process around engaging with potential clients around the globe
  • Actively solving banks legacy problems and help integrate existing ecosystem to provide mature and wholesome client experience

The results speak for themselves

CSHARK’s contribution to Fenergo’s Client Lifecycle Management technology: (1)

  • 26 of the top 50 banks in the world are using the Fenergo platform
  • The time to onboard customers has reduced by 82% for these financial institutions
  • The cost of audit has been reduced by 34% due to Fenergo’s out-of-the-box functionality
  • Clients gain 30% return on investment from Fenergo Client Lifecycle Management

Thanks to our collaboration, Fenergo Client Lifecycle Management systems enable financial institutions to deliver a faster, more compliant and digital onboarding experience. It also achieves a single client view across channels, products, business lines and jurisdictions.

CSHARK’s involvement is recognised and highly acclaimed by Fenergo, as Marc Murphy, Fenergo CEO summarized:

CSHARK has been a fabulous partner for Fenergo over the past five years. Our relationship started when we were a small company of roughly 55 employees to now 700+ so CSHARK have been by our side through many successes. Over the past five years, CSHARK has worked with Fenergo through many global client go-lives, as well as huge milestones for our product including our v7 – v8 upgrade. At Fenergo, we have 26 of the top 50 financial institutions in the world using the Fenergo platform and with our expansion into other verticals, we have a promising future ahead. We look forward to CSHARK continuing to join us on the journey to be the independently accredited, regulatory technology standard in Client Lifecycle Management.

Summary

To help achieve compliance for their clients, Fenergo works with 20,000 compliance professionals. Their work is very important and complicated, as described in the article on compliance of financial institutions. We are proud that CSHARK is a part of this journey.

(1) Internal Fenergo data and marketing materials