In early September, Virtusa and Pegasystems organized a dinner in Stockholm that brought together an exclusive group of people to share their views on the dynamic world of know-your-customer (KYC) initiatives. The evening saw clients, prospects, and thought leaders from the banking universe engage and create dialogue, deepen relationships, and delve into the ways technology can change lives and the challenges it brings for banks.
KYC is now an imperative for banks wanting to protect themselves from any criminals or terrorists taking part in unlawful activities like identity theft, terrorist financing, money laundering, financial fraud, and more. While banks ensure that they adhere to regulatory and financial requirements, they still place customer experience at the forefront. Financial institutions are looking for the right balance between customer convenience and adherence to regulatory norms in a dynamic environment.
“There’s no such thing as a best practice in today’s world. Looking at the pace of evolution, best practices have become obsolete almost overnight,” stated Yoseph Elkaim, Global Practice Head—Global Risk & Compliance, Virtusa. Elkaim went on to paint a larger picture of the myriad challenges banks face when it comes to keeping pace with security and digital demands from customers. Klaus Koenig, Thought Leader CLM & KYC, Pegasystems, presented the viewpoint that banks can gain a comprehensive view of their customers by using technology to focus on data, eliminating duplication, dynamic risk assessment, and more when operating across divisions such as wealth and retail banking.
The evening was an electrifying gathering of business and technology clients from across Sweden, Finland, and the Netherlands who engaged in interesting conversations and exchanged ideas on business and technical challenges. They also recognized how Virtusa and Pegasystems have supported their growth journeys and helped build inclusive programs that address the dynamic environment that banks operate in with regard to KYC.
We are overwhelmed with the positive response we received from the guests, and we’re proud of the fact that it was an enriching experience for everyone. While we worked hard to create an atmosphere for organic conversations, fostering productive discussions that involved networking as well as some some learning, we were amazed by the level of enthusiasm during the evening. It’s also great to know that banks understand that business and technology go hand in hand, especially when it comes to addressing areas of change and security, and are ready to take action to solve the key business issues they are facing.
The positive response we received has encouraged us to conduct similar events for clients, prospects, and industry leaders to connect and collaborate to overcome their most urgent business and technology concerns.