Aviva has selected client lifecycle firm Fenergo to revamp the firm’s compliance and regulatory systems.
Fenergo is switching Aviva’s know your customer (KYC), customer due diligence (CDD), and anti-money laundering (AML) processes.
The vendor is beginning initial work with Aviva Investors. It will later work with Aviva UK Insurance to onboard “investors and clients across all jurisdictions”.
Michelle Calcutt, head of client experience at Aviva, says that the new solution will enable “accurate regulatory classifications and reporting across multiple jurisdictions.”
According to Calcutt, Fenergo’s solution will also automate all periodic and ongoing KYC reviews, maintenance requests, and requisite risk assessments.
He adds: “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.”
The insurance firm is fresh from the completion of its acquisition of wealth management fintech, Wealthify.
It acquired a majority stake in the firm back in 2018, but has since acquired a much larger share. Following the completion of its takeover Wealthify CEO and co-founder, Richard Theo, stepped down.
Fenergo’s head of asset management and asset servicing, Kevin O’Neil, says that firms have recognised the need to digitise their onboarding processes.
“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.”
via FinTech Futures – https://bit.ly/3fX9DLe