Digital KYC – The Risk-Based Solution for the ‘High Risk’ Conundrum

26% of senior decision-makers at FIs believe that AML obligations will have the biggest impact on client lifecycle management in the next 18 months.

To manage this, the current state of KYC must change.

Fenergo examines how Digital KYC can empower FIs to meet the challenges of rapidly evolving regulatory requirements, avoid reputational risk and the association with financial crime, and operate more efficiently across borders over the long-term.

We also look at how FIs can retain clients and win prospective business by operating more effectively with the help of Digital KYC.

In this whitepaper we discuss:

• The ongoing regulatory tsunami
• The need for a digital solution for a historically manual task
• The target operating model for a Digital KYC system; and
• The benefits of an automated, managed-by-exception approach