Chris Middleton reports on how changes in consumer behaviour are leaving some online retailers struggling to tackle financial crime – and keep our stockings filled.
Competition between an increasing number of Fintech organizations and other financial institutions is growing. Firms are under pressure to deliver a great customer experience while managing costs, risks, and compliance and ensuring operational resilience —all in an industry that is continuing to rapidly change and evolve.
Financial services organizations also face the challenge of gathering all the disparate data necessary for anti-money laundering (AML), know your customer (KYC), and fraud and risk assessments, which can be complex and require many interactions with different data sources. This is especially true for corporate and institutional customers and many small to medium enterprises. It is also imperative to get customer onboarding right, as according to a Thomson Reuters survey on KYC regulations, 89% of corporate customers have not had a good KYC experience—so much so that 13% have actually switched to another financial institution as a result.
The customer’s onboarding experience sets the tone for all future interactions between the customer and the firm. If the time and complexity of onboarding is reduced, it usually results in happier clients—not to mention reduced costs and a shorter time to revenue.
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