“Regulatory compliance is an ongoing, escalating cost that is stifling profitability. Today, the “cost of compliance” is now 85% of a financial institution’s average operational budget, leaving a mere 15% available for programs like business development and customer acquisition. Many institutions continue to rely on disconnected, incomplete approaches to regulatory compliance, preventing them from gathering accurate, up-to-date, comprehensive information about clients. Worse, in many cases the status quo approach of asking clients repeatedly for the same information is also damaging relationships, creating a customer experience crisis and loss of business.”
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