The faster financial institutions can onboard new customers, the faster they can start transacting with them, introducing products, and growing the relationship.
However, Know Your Customer (KYC) requirements can slow down that process, and as the risk of financial crime escalates, so does regulatory scrutiny. Companies face compliance challenges related to evolving technologies, increasingly sophisticated threats, cross-border transactions, and expanding layers of interconnection within the financial system.
They also face pressure from customers, who expect fast approval and seamless onboarding for financial services, lest they take their business elsewhere.