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Fenergo: About 60% of mid-market commercial banks spend more than one-third of their compliance budgets on KYC
Commercial banks in the U.S. are facing an evolving Know Your Customer (KYC) landscape as regulatory scrutiny demands strict due diligence measures, and their compliance spending reflects that, according to a survey by KYC provider Fenergo.
Among U.S. commercial banks, 20% dedicate more than half of their compliance budget to KYC, while about 40% spend about a third of their compliance budget on KYC, the report found.
Other key findings:
- Popular technology investment areas included operational risk (37%), cybersecurity risk (36%) and financial crime risk (36%) among all banks, while those in the largest category (managing $51 billion to $100 billion in assets), financial crime risk was their top technology investment priority.
- Half of respondents reported losing clients due to slow and inefficient onboarding processes.
- Only 17% of those surveyed fully automate workflows for their credit decisioning processes.
Survey respondents included chief operations officers, chief compliance officers, chief risk…
