KYC compliance costing banks €50 million a year as financial sanctions soar
- Banks could lose out on €150m in the next five years to customer abandonment
- Cost of non-compliance fines grows to €3.5m a year, adding new financial strain
- By digitising identity verification, a typical bank could save €10m a year
London, UK., 3 September 2019 – A typical European bank, serving 10 million customers, could save up to €10 million annually and avoid growing fines by the regulator by implementing technology to improve the ‘Know Your Customer’ (KYC) processes, according to new research from Mitek and Consult Hyperion.