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 comefromnon-compliance are widely known.Whena bankfailsto comply,anyresulting regulatory action never fails toattractmedia attention. But what israrely reportedis how much it costsbanks to remain compliant and thepressureregulatorsput onthem.
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 documentationthatmustbeaccurate. Thismeanseven the smallestupdatecan become asubstantialproject.
With HotDocs banks can update their entire document portfolio from one location. Better yet, banks can rest easy knowing that using HotDocs interviewsensuresthe relevant Know Your Customer (KYC) information is beingcapturedand is accessible when it’s needed.
In this factsheet you will learn about:
- Thehugecosts associated with non-compliance
- The amount the global banking industry is spending on compliance
- The detrimental effects compliance regulations can have on customer experience