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The latest customer due diligence technology just released by Fortent helps banks, brokerages, credit unions, and insurance companies take on the #1 concern faced by financial firms today: cutting costs.
Stricter customer due diligence laws in the U.S. and around the world have forced financial institutions to increase compliance efforts in this area - leading to escalating compliance expenses at a time when the sector can least afford it. According to recent industry surveys, 60% of institutions' direct compliance spending is in staff compensation, and with financial institutions struggling against huge losses and liquidity issues, firms are seeking ways to put the brakes on these rising operating budgets.
"There is a real business need for compliance technology that can drive cost savings while ensuring best practice," says Sandy Jaffee, Chairman and CEO of risk and compliance expert Fortent.
"Fortent set out to develop a KYC solution that would make a dramatic ROI impact - with the goal of earning pay-back in less than one year," says Ms. Jaffee. "We achieved this goal." She notes that in the...