Tech Revolution in Global Banking. Insight into our Work for Fenergo

The banking industry is undergoing a major transformation. From mobile banking to contactless payments, technology is changing how we interact with money.

But it's not just the way we bank that's changing.

Technology is also transforming the way banks operate behind the scenes.

One of the most significant changes is the rise of RegTech – technology that helps banks comply with regulations.

If you want to learn more about how we develop top-notch software for banks at CSHARK and get an overview of our work for an Irish unicorn, Fenergo – read on.

Here's what the article covers:

• A quick explanation of what RegTech is.
• What do we do for Fenergo, and how have we both scaled during the years of our partnership?
• Key aspects of our cooperation – what have we achieved together?
• Concrete results and numbers.
• A testimonial of Fenergo CEO. 

All this will provide valuable insight for you if you work in global banking and are considering creating new, revolutionizing solutions.

RegTech Explained

Regulatory Technology (or RegTech) is one of the most critical parts of today’s financial landscape.

We define it as a segment of information technology enabling banks and financial institutions to achieve balanced risk management.

Simply put, it protects banks and their clients from fraud or money laundering threats.

RegTech has grown quickly in the aftermath of the 2008 crisis. 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 huge traction – and CSHARK is on board.

Read more: What's the True Price of Non-Compliance?

We believe that RegTech, done well, enables a seamless journey in client onboarding and speeds up audit processes for financial institutions.

CSHARK x Fenergo: Scaling & Developing Software for Banks Since 2015

At CSHARK, we work as a technology partner to Fenergo – a leading Digital Client Lifecycle Management solutions provider – contributing to R&D, Professional Services, and Pre-sales, helping to meet the needs of Fenergo’s clients across the globe.

CSHARK and Fenergo came together to cooperate on Client Lifecycle Management, AML/KYC compliance, and Client Data Management. Together we create software for banks – top-tier and global ones.

From the beginning, we were focused on long-term cooperation to provide solutions for:

• corporate and investment banks,
• commercial, business, and retail banks,
• private banks and wealth management firms, 
• asset management and asset servicing firms. 

It was always a long-term play.

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 every brainstorming session to offer new ways to solve our client’s challenges.

Everything started in 2015 with 23 people from CSHARK working for Fenergo, which employed 55 people at the time. By 2020, Fenergo employed more than 850. Now, CSHARK has over 350 experts on board, a lot of them still engaged exclusively with Fenergo.

Learn more: How We Drive and Deliver Change into the FinTech Industry?

Key Aspects of the Partnership

Continued cooperation and collaboration between CSHARK and Fenergo over the years have resulted in symbiotic growth, knowledge exchange, and true partnership.

The family-like community, behaviors, and attitudes have developed naturally over the years.

The key aspects we took care of include:

• Research and Development (R&D) to enable cutting-edge technologies in the Fenergo product stack – from the requirement gathering process, through architecture design to implementation and testing.
• Implementation of client-focused solutions utilizing the product’s core features in Professional Services.
• Providing expertise and technical consultancy in pre-sales and sales processes and engaging with potential clients around the globe.
• Actively solving banks' legacy problems and helping integrate existing ecosystems to provide a mature and wholesome client experience.

Read more: What to Look For When Selecting a FinTech Partner?

Let the Results Speak for Themselves

Fenergo’s Client Lifecycle Management technology clearly benefits its customers.

According to Internal Fenergo data and marketing materials:

• 26 of the top 50 financial institutions in the world are using the Fenergo platform,
• the time to onboard customers has been 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,
• there’s a 30% ROI in technology for Fenergo’s Client Lifecycle Management customers.

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 a single client view across channels, products, business lines, and jurisdictions.

Software for Banks – Testimonial

Marc Murphy, Fenergo CEO, recognizes CSHARK’s involvement in the development of the software for banks:

CSHARK has been a fabulous partner for Fenergo. Our relationship started when we were a small company of roughly 55 employees to now 700+ so CSHARK has been by our side through many successes. Over the past 5 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.

Conclusion

The tech revolution in global banking is here to stay, and it's transforming the industry as we know it.

With the right technology solutions and expert partners, financial institutions can enhance customer experience, increase efficiency, and achieve compliance seamlessly. 

If you want to unlock the full potential of technology in your FinTech project, see what exactly we can do for you.

Let's embrace the future of banking and create software for banks that revolutionizes the financial industry.