Sales rep @ CoorpID Rob Baas’s Key Takeaways from SIBOS 2022
SIBOS 2022 was a really great experience. It’s certainly the place to be if you want to know what’s going on in the financial services industry. All the major players were there as well as a lot of interesting new and established FinTech and RegTech service providers. It was exhausting but also a lot of fun talking to so many people and listening to expert speakers from across the financial ecosystem discussing major industry topics.
ING’s stand was absolutely great and, as CoorpID, we were proud to be part of it. And thanks to whoever came up with the bright idea of the white sneakers with orange laces; a real icebreaker. I never knew that a pair of sneakers could make it so much easier to start a conversation.
So what are my key takeaways for SIBOS 2022? Well, I guess that would be that:
- If the industry doesn’t find a way to streamline and simplify the whole KYC compliance process the costs are going to go through the roof (actually they’ve already gone through the roof). And I’m not just talking about soaring personnel and overhead costs. I’m talking about huge fines for non-compliance. It’s clear that standardisation, collaboration, digitalisation and automation are key in dealing with the KYC compliance burden.
- Perpetual KYC was another hot item. Where KYC was initially limited to the onboarding process and periodic reviews, we now see a shift towards ongoing transaction and customer monitoring to identify risks dynamically in a constantly changing environment.
- The KYC solution ecosystem is still highly fragmented: there’s no one KYC solution provider that can handle the whole KYC process end-to-end. KYC solution providers will have to join forces to arrive at the most optimal solution.
- The Transaction Monitoring (TM) solution market is becoming more mature and intelligent. Solution providers and banks are looking for higher levels of intelligence to facilitate continuous TM and reduce false positives.
- There is still a lot of room for improvement in the client outreach process. Banks face the challenge of streamlining the client outreach process and making the KYC customer journey as painless as possible for their customers. Where client outreach is concerned CoorpID’s secure repository and document management & exchange tool can really make the difference for both banks and their clients.