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What Customers Expect

Justin highlighted how customer expectations have evolved in recent years. “I think the challenge that the market has, is recognising how large financing institutions procure and buy solutions. What we have seen over the last few years, is a settling out of this issue, where we have moved away from this very binary-like enterprise solution or point solution and actually it is really about time to value for the client.”

Continuous Monitoring = Effective Compliance?

“I think what we have seen from regulators and from the institutions themselves is a shifting focus onto what happens in customer lifecycle, what happens after you have onboarded that customer, how does your relationship evolve?” said Justin. Going forward, approaches focused around perpetual know your customer (KYC) and continuous monitoring will help address the challenge of remaining in compliance.

Improving the Customer Experience

Justin shared a unique advantage of robust compliance solutions: Customers increasing their ability to form deeper and stronger relationships with their own customers. “I definitely think that if you get it right and you have the right technology in place, it can serve double duty in not only helping keep your business safe and that being a reputational advantage, but also giving you the ability and new tools to leverage your teams better and have deeper, more meaningful customer relationships.”