This report provides an overview of corporate KYC for banks & financial institutions and explains how KYC startups are playing a vital role in customer onboarding. It also discusses bank innovations and new-age technologies like blockchain, artificial intelligence, internet of things, and automation that can impact the current regulatory environment. The report further discusses the regulatory developments after the financial crisis of 2008 and also details the costs incurred by the global banks for non-adherence to compliance. It also talks about the existing process complexities, market size, current trends, challenges, and the need for digitizing KYC. The report concludes by discussing the importance of KYC utility platforms and the benefits they offer to financial institutions.
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