About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Briefs

Financial Institutions Spend $1,500 to $3,000 to Complete One Client KYC Review

Subscribe to our newsletter

Financial institutions are spending millions of dollars every year inefficiently onboarding and maintaining clients, according to research from Fenergo, a provider of Know Your Customer (KYC) and Client Lifecycle Management (CLM) software solutions. A global study of over 1,000 C-level executives across corporate and institutional banks found that, on average, over half are spending between $1,500 and $3,000 to complete just one client KYC review.

The findings also show over half of financial institutions spending between 61 and 150 days on KYC reviews for clients, much of which is spent gathering and inputting data across multiple systems. Overall, more than 80% of respondents have between 1,000 and 2,500 employees working on KYC tasks. Some 90% said labour-intensive KYC impacts their ability to make better risk decisions. However, the data also shows financial institutions now focusing investment on automation with 62% prioritising spend for technology.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

Leaving Money on the Table: Busting the Myths of North American Securities Class Action Claims for European Investors

North American securities class actions, particularly within the United States, represent one of the most developed frameworks globally for shareholder redress. Operating on an opt-out basis, this passive participation model automatically includes eligible investors, including those based in Europe, allowing them to obtain compensation without initiating litigation. Despite the fact that billions of dollars are...

EVENT

AI in Capital Markets Summit London

Now in its 3rd year, the AI in Capital Markets Summit returns with a focus on the practicalities of onboarding AI enterprise wide for business value creation. Whilst AI offers huge potential to revolutionise capital markets operations many are struggling to move beyond pilot phase to generate substantial value from AI.

GUIDE

Regulatory Data Handbook 2025 – Thirteenth Edition

Welcome to the thirteenth edition of A-Team Group’s Regulatory Data Handbook, a unique and practical guide to capital markets regulation, regulatory change, and the data and data management requirements of compliance across Europe, the UK, US and Asia-Pacific. This year’s edition lands at a moment of accelerating regulatory divergence and intensifying data focused supervision. Inside,...