Reducing the cost of compliance: A bold move towards Know Your Customer (KYC) managed services

Improving the cost and efficiency of Know Your Customer (KYC) processes has been at the forefront of financial institutions’ strategies in recent years. This focus is largely being driven by:

  • Boards who are placing unprecedented pressure on the KYC function to reduce operating expenses
  • Regulators who are expecting enhanced compliance measures and standards from financial institutions
  • Clients who are expecting an improved and streamlined banking experience

Firms are therefore having to evolve their KYC function and operating models in what is ultimately a revenue compressed environment.