Bryan Yurcan – American Banker
It turns out focusing on Know Your Customer compliance is helping banks really get to know their customers.
In the post-crisis era, compliance has become a hot topic in banking, with regulators expecting better oversight of things like KYC and anti-money-laundering laws. The role of the compliance team has been elevated and now banks are now looking to the compliance team for more than just oversight — they are looking for insights.
Compliance “is driven by regulatory expectations, but it is also driving horizontal benefits,” said James Hardy, chief data officer of State Street in Boston. “We get a much more holistic view of our institutional customers and our relationship with them, and that informs us which products and services” might be best suited for them.
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