High cost

• Manual and paper-based processes are slow and error-prone
• Expensive to print and distribute paper forms between locations (branches, processing facilities, storage facilities, etc.)
• Difficult to create and integrate with CIF (Customer Information File) and keep one synchronized data source

Customer Relationships

• Need for better collaboration across business units for fast compliance approval process
• Customers are more demanding – want faster response, self-service, better access to product/service information
• Increasingly diversified marketplace competing for customers

Risk and Compliance

• Difficult to ensure that complex and changing regulations and guidelines are being followed consistently across the enterprise.
• KYC (Know Your Customer) regulations including U.S. Anti-Money Laundering, Patriot Act. In Europe, MIFID