Banking Compliance Factsheet
HotDocs has carried out some research on the costs associated with compliance and has included the results in this handy factsheet. Download for free to discover how much compliance legislation is costing the banking industry and how HotDocs can reduce the risk of non-compliance with our document automation technology.
The consequences that come from non-compliance are widely known. When a bank fails to comply, any resulting regulatory action never fails to attract media attention. But what israrely reported is how much it costs banks to remain compliant and the pressureregulators put on them.
When a compliance update is passed, a bank must act quickly to update their processes and ensure that all their documentation adheres to the new law. The latter is a real challenge, as banks produce a high volume of sophisticated documentationthat must be accurate. This means even the smallest update can become asubstantial project.
With HotDocs banks can update their entire document portfolio from one location. Better yet, banks can rest easy knowing that using HotDocs interviews ensures the relevant Know Your Customer (KYC) information is being captured and is accessible when it's needed.
In this factsheet you will learn about:
- The huge costs associated with non-compliance
- The amount the global banking industry is spending on compliance
- The detrimental effects compliance regulations can have on customer experience