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

Financial Crime is a Decision-Speed Problem: Rethinking AI in AML and Compliance Controls

Financial crime compliance is often described as a resourcing challenge. Firms speak of analyst backlogs, alert volumes and the rising cost of surveillance and screening. Kieran Holland, Solutions Engineering Team Leader at Innovative Systems’ FinScan, argues that the underlying constraint has shifted. Financial crime has become a decision-speed problem. “The fight against financial crime is...

EVENT

Eagle Alpha Alternative Data Conference, Spring, New York, hosted by A-Team Group

Now in its 9th year, the Eagle Alpha Alternative Data Conference managed by A-Team Group, is the premier content forum and networking event for investment firms and hedge funds.

GUIDE

AI in Capital Markets Handbook 2026

AI adoption in capital markets has moved into a more disciplined phase. The priority is now controlled deployment: where AI can be used safely, where it can deliver measurable value, and how outputs can be governed, monitored and evidenced. The 2026 edition of the AI in Capital Markets Handbook examines how AI is being applied...