KYC in 2022

A Final Frontier for Digital Transformation in Financial Services

A Global Research Report by Fenergo

In the global fight against money laundering, understanding the identity of customers has been an essential know your customer (KYC) compliance requirement for financial institutions for decades. Yet the continuous evolution of regulation has added cost and complexity to the process of acquiring and retaining clients.

Financial institutions deploy large workforces to perform KYC and anti-money laundering (AML) tasks with lots of time spent working across legacy IT systems and carrying out basic data capture and analysis. Many firms understandably see this labor-intenive process getting in the way of their fundamental business operations.

This global research report by Fenergo of 1,055 Chief Operations Officers, Chief Compliance Officers and Chief Risk Officers at global corporate banks in the US, UK, Australia, Singapore, Japan, Hong Kong and Mexico investigates the direct and opportunity costs of allocating huge resources to KYC functions.

The report reveals:

• How much time a firm typically spends on KYC reviews
• How much each KYC review costs
• The scale of the continuous/perpetual KYC review challenge
• Opportunities for automation and smarter KYC reviews
• Where firms are currently prioritizing their technology investment
• How automation can support both compliance and operations teams

Download the report now

Download the report