This IDC Perspective highlights some benefits and challenges associated with AML and KYC SaaS offerings. It also profiles three SaaS technology providers.
It is increasingly difficult for banks to maintain pace with evolving financial crime scheme complexity and regulatory demands. AML and KYC SaaS applications may be a path forward, particularly for small and medium-sized banks that don't have the resources of a large institution.
According to Steven D'Alfonso, research director, IDC Financial Insights, "SaaS offerings provide an opportunity for banks to enhance their AML and KYC operations and gain access to cutting-edge technologies, usually at a lower total cost of ownership."