Whitepaper: The cost of KYC compliance and how to reduce it
KYC requirements are critical to preventing financial crime, but they also require costly and cumbersome checks on customers, impacting the bottom and top lines for financial institutions.
This new paper from Consult Hyperion explores the costs and pain points that KYC compliance creates and delves into topics including:
- Quantifying KYC costs, including lost opportunity costs from customer abandonment.
- A look at the impact of recent fines for KYC & AML failings
- How technology can reduce the cost of KYC compliance while delivering a seamless user experience
The right technology
Discover how the right identity verification technology can help you meet AML and KYC regulations in a customer friendly, cost-effective way
The right technology can help financial institutions comply with and digitise the KYC process, and will also benefit banks by:
The need for a fast, frictionless and efficient KYC process has never been more pressing
In our increasingly digital society, financial institutions must find cost-efficient and effective ways to undertake these KYC checks in order to ensure that they remain compliant, inclusive and that they stop fraudsters without excluding legitimate customers