Globally, financial institutions (FIs) are transforming their KYC operations. Digital transformation plans have accelerated in response to the coronavirus pandemic and rising customer expectations around speed and quality of service.
This is combined with ever changing regulatory expectations and the need to increase resilience across all business-critical services.
While automation and technology are fundamental, a wide range of factors will contribute to the success of KYC transformation initiatives. FIs need to view KYC transformation holistically, considering all challenges associated with any large-scale change program to ensure continued, if not improved, levels of compliance.
To harness the power of KYC automation, FIs need to embrace KYC transformation.
