What are the current KYC challenges?
A recent Accuity KYC survey revealed that 75 percent of compliance and correspondent banking professionals have encountered added complexity in interpreting local legislation and 68 percent are suffering from a lack of skilled staff. With the cost of compliance also still a major challenge, financial institutions are looking to new technology to provide the answer.
Technology innovation and transformation will be essential for the industry to make efficiency gains. We expect to see financial institutions digitalise and automate more of their KYC processes as well as embracing new developments in artificial intelligence and machine learning to overcome their challenges in the coming years.
Take a deeper dive into our research on the challenges of financial counterparty KYC, by reviewing the content below.