Navigating the KYC maze: How banks are tackling compliance costs in 2023
In 2022, Fenergo’s annual research survey of global investment banks highlighted a labor-intensive environment in Know Your Customer (KYC) processes. These processes were costing banks as much as $35m annually.
A year later, the 2023 survey results are here to answer a critical question: Have we learned from the past year, or is KYC still a low priority in the innovation agenda for banks? The question of whether banks are embracing the benefits of automation or clinging to old habits and legacy systems remains pertinent.
This year, Fenergo brings together industry thought leaders to dissect the findings of the 2023 global research report, which delves into the costs and opportunities associated with KYC compliance. The webinar offers a platform to explore these insights in detail.
Key topics addressed in the webinar include the actual time and financial toll of KYC compliance in 2023, the prolonged duration of KYC reviews at financial institutions, and the technological areas banks are prioritizing for investment this year. Additionally, the webinar sheds light on the critical factors leading to client loss during the onboarding process and the balance between legacy technology and the application of Artificial Intelligence (AI).