Key Takeaways
- • U.S. Bank Investment Services has gone live with a new client lifecycle management (CLM) platform built on Fenergo's Fen-X, providing an onboarding solution for alternative investment clients and the investors in their funds, according to a Business Wire release.
- • The Fen-X platform automates many manual onboarding processes, accelerates account setup while maintaining regulatory requirements, and integrates with third-party screening and tax reporting providers.
- • An investor portal with data visualization and interactive reporting has been added to improve the investor experience.
- • The rollout is a milestone in Investment Services' multi-phased technology transformation aimed at modernizing processes, workflows and reporting across the private funds space.
Summary
U.S. Bank Investment Services announced it has gone live with a new client lifecycle management (CLM) platform designed to provide a comprehensive onboarding solution for alternative investment clients and the investors in their funds, according to a Business Wire release datelined Minneapolis. The company described the implementation as a key milestone in its multi-phased technology transformation strategy, which aims to modernize processes, workflows and reporting across the private funds space.
The bank is using CLM provider Fenergo and its Fen-X platform. According to the announcement, Fen-X automates many manual processes traditionally associated with underlying investor and direct client relationships, accelerates account setup, and maintains regulatory requirements. The enhanced onboarding experience is intended to give investors and clients greater transparency throughout the process and to integrate with other solution providers in the investor journey, such as screening and tax reporting. An investor portal offering data visualization and interactive reporting has also been added.
Alan Flanagan, head of U.S. Bank Investment Services, 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 ongoing lifecycle management across multiple business lines and jurisdictions, including built-in support for GDPR and jurisdiction-specific KYC requirements, which he said positions U.S. Bank to accelerate its international growth.
The Fen-X platform is U.S. Bank's enterprise onboarding solution, already used across areas including Treasury Management and currently being implemented for Global Corporate Trust. Flanagan said the investment is the beginning of a broader framework to strengthen client experiences across the full relationship lifecycle.
The bank is using CLM provider Fenergo and its Fen-X platform. According to the announcement, Fen-X automates many manual processes traditionally associated with underlying investor and direct client relationships, accelerates account setup, and maintains regulatory requirements. The enhanced onboarding experience is intended to give investors and clients greater transparency throughout the process and to integrate with other solution providers in the investor journey, such as screening and tax reporting. An investor portal offering data visualization and interactive reporting has also been added.
Alan Flanagan, head of U.S. Bank Investment Services, 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 ongoing lifecycle management across multiple business lines and jurisdictions, including built-in support for GDPR and jurisdiction-specific KYC requirements, which he said positions U.S. Bank to accelerate its international growth.
The Fen-X platform is U.S. Bank's enterprise onboarding solution, already used across areas including Treasury Management and currently being implemented for Global Corporate Trust. Flanagan said the investment is the beginning of a broader framework to strengthen client experiences across the full relationship lifecycle.
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