19.02.2024Insight

Tier 1 banks: KYC is an opportunity and it’s time to work with a compliance partner

When faced with challenges around know your customer (KYC) and anti-money laundering (AML), the go-to approach for Tier 1 banks today is to deploy their considerable internal resources and expertise to solve them, or to bring in thousands of expensive consultants.

Fourthline Forrester TEI thumbnailBy The Fourthline Team
KYC for Tier 1 banks

And why not? This ensures you can maintain high levels of security and stability, meet compliance and regulatory demands, and guarantee the quality of these extremely sensitive customer touchpoints.

Frequently, it makes business sense, too. Tier 1 banks remain the choice of the vast majority of retail and business customers and this steady approach has proven to be resilient over the long term. Plus, solving challenges in-house helps to buttress a key competitive advantage: the trust capital that Tier 1 banks have built up with customers over decades.