In our new white paper, The Digital KYC Paradox, Fourthline explores the steps enterprises can take to avoid the costly consequences of falling short on compliance.

Key takeways:

• Banks and fintech companies face exceptionally high requirements for the quality of their KYC and AML processes
• In response to these requirements, financial enterprises are increasing their use of technology solutions in the ID&V space
• Benchmarked data shows that these ID&V solutions typically represent 3-5% of the overall cost of compliance
• The bulk of the costs and challenges lie in the back office: where manual processes are error-prone and expensive
• Applying end-to-end automation and a holistic dataset will lead to more efficient back-office processes and more sustainable costs