Today, banks and financial institutions (FI) burden to stay financial attractive while keeping their compliance obligations at maximum by implementing Anti-Money Laundering (AML) Programs, securing their client identities, and carrying out an effective KYC program.
on average are spent for KYC compliance for one year
on average corresponds to client onboarding time
More than the medium of banks data stocks are in risk of no update
Source Thomson Reuters Study 2016
The existing data security model is defective and weaken. Currently, consumers must give up control of sensitive personal information to access even the most basic services, thus involuntarily exposing themselves to data breach and identity fraud. As the digital economy grows, these databases failures multiply, and breaches seem inevitable.
That’s why banks, FI and corporations need to have a strong, effective and up to date solution to respond to these new challenging while offering the best of their financial services.