Key Takeaways
- • U.S. Bank Investment Services has gone live with a new client lifecycle management (CLM) platform, Fenergo's Fen-X, to onboard alternative investment clients and the investors in their funds.
- • The rollout is a milestone in the unit's multi-phased technology transformation aimed at modernizing processes, workflows and reporting across the private funds space.
- • Fen-X automates manual onboarding steps and integrates with screening and tax reporting providers, while adding an investor portal with data visualization and interactive reporting.
- • Fen-X is already U.S. Bank's enterprise onboarding solution across Treasury Management and is being implemented for Global Corporate Trust.
- • Alan Flanagan, head of U.S. Bank Investment Services, says the investment is the start of a framework to improve client experience across the full relationship lifecycle.
Summary
U.S. Bank Investment Services announced it has gone live with a new client lifecycle management platform providing end-to-end onboarding for alternative investment clients and the investors in their funds, according to a Business Wire release datelined Minneapolis. The company described the go-live as a key milestone in its multi-phased technology transformation strategy, which targets processes, workflows and reporting across the private funds business.
The bank is using CLM provider Fenergo and its Fen-X platform. According to the release, Fen-X automates many manual processes historically associated with underlying investor and direct client relationships, and shortens account setup while maintaining regulatory requirements. The onboarding experience is designed to give investors and clients more transparency during the process and to integrate with other providers in the investor journey, including screening and tax reporting. An investor portal offering data visualization and interactive reporting has also been added.
Flanagan said onboarding is "perhaps the most important moment in a relationship," and that investment managers expect an experience that is "efficient, transparent and responsive, without compromising regulatory rigor." Fenergo CEO and founder Marc Murphy said Fen-X supports onboarding, KYC and lifecycle management across multiple business lines and jurisdictions, and cited built-in support for GDPR and jurisdiction-specific KYC requirements that he said position U.S. Bank to pursue international growth.
Fen-X is already the bank's enterprise onboarding solution across several areas, including Treasury Management, and is being implemented for Global Corporate Trust. The release frames the platform as part of a broader digital-first effort to simplify client interactions. The release did not disclose financial terms of the investment or specific timelines for further phases.
The bank is using CLM provider Fenergo and its Fen-X platform. According to the release, Fen-X automates many manual processes historically associated with underlying investor and direct client relationships, and shortens account setup while maintaining regulatory requirements. The onboarding experience is designed to give investors and clients more transparency during the process and to integrate with other providers in the investor journey, including screening and tax reporting. An investor portal offering data visualization and interactive reporting has also been added.
Flanagan said onboarding is "perhaps the most important moment in a relationship," and that investment managers expect an experience that is "efficient, transparent and responsive, without compromising regulatory rigor." Fenergo CEO and founder Marc Murphy said Fen-X supports onboarding, KYC and lifecycle management across multiple business lines and jurisdictions, and cited built-in support for GDPR and jurisdiction-specific KYC requirements that he said position U.S. Bank to pursue international growth.
Fen-X is already the bank's enterprise onboarding solution across several areas, including Treasury Management, and is being implemented for Global Corporate Trust. The release frames the platform as part of a broader digital-first effort to simplify client interactions. The release did not disclose financial terms of the investment or specific timelines for further phases.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.