Regulatory Technology or RegTech, is one of the most important parts of today’s financial landscape. It is a segment of information technology enabling banks and financial institutions to achieve balanced risk management that protects them and their clients from fraud, money laundering and other threats. RegTech, done well, enables a seamless journey in client onboarding and speeds up audit processes for financial institutions. CSHARK works closely as a partner to Fenergo – a leading Digital Client Lifecycle Management solutions provider. CSHARK contributes into R&D, Professional Services and Pre-sales. Together we work with top-tier global banks.
CSHARK has been working with Fenergo for the past five years helping to meet the needs of its clients across the globe. Regulatory technology has grown quickly in the aftermath of a 2008 crisis, when financial institutions around the world amassed €27bn in fines 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.
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 acted on it with every single line of code, every professional check-in, every last-minute trip to the other side of the world to support client engagement and in every brainstorming session to offer new ways to solve our client’s problems.
It all started in 2015 with 23 people, working as software development partners for Fenergo, which employed 55 at the time. By 2020, Fenergo employs more than 850 and CSHARK has grown too with three offices in Poland, including our global headquarters, and we continue to grow and thrive in line with Fenergo’s global success.
Continued cooperation and collaboration between CSHARK and Fenergo over the past five years has resulted in 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 still engaged exclusively with Fenergo.
Fenergo’s Client Lifecycle Management technology benefits its customers: (1)
Our collaboration contributes to Fenergo’s Client Lifecycle Management systems, which in turn enable financial institutions to deliver a faster, more compliant and digital onboarding experience with single client view across channels, products, business lines and jurisdictions.
CSHARK’s involvement is recognised by Marc Murphy, Fenergo CEO:
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.
If RegTech topic is relevant to you, and you want a bigger picture, see the recent MINT blog article on compliance in financial institutions. We are proud that CSHARK is a part of the RegTech and digital transformation journey of the global banking industry.
(1) Internal Fenergo data and marketing materials