Oscillating between ‘Know Your Customer’ and ‘Know Your Bank’

In a previous post, we examined some elements of Know Your Customer (KYC) programs. Now I’m going to drill deeper into what happens when the interests and objectives of customers, banks and regulators don’t converge. In many cases, this gives rise to disconnects or the possibility of disconnects. For example, when the interests/objectives of the bank and regulator don’t converge, lapses occur. Or when the interest/objectives of the bank and customers don’t converge, experience lags. And when the disconnect is between the customer and the regulator, alternate mechanisms…

Do ‘Know Your Customer’ programs really work?

“Know me? No? It’s me!” Every time I walk into an establishment where I hold some sort of loyalty card, I wonder if “they” really “know me.” That got me to thinking about Know Your Customer (KYC) programs. More and more, financial institutions are performing KYC, not to really get to know you, but to check off that they followed yet another mechanical process. Recently, I ran into a very good friend of mine that I had lost touch with for almost 30 years. When we met…

Cyber Insurance: State of Play

Cyber risks are real and are constantly evolving with technological advances and pervasiveness. Whether individuals, small business or multi-national – all might face a Cyber incident that can result in costly financial consequences. In times of heavy competition in classic insurance products and negative interest rate headwinds limiting returns from insurer’s bond portfolios, Cyber risks present a major opportunity for the insurance industry. With annual growth rates of up to 100%, global Cyber insurance market size predictions for 2025 range between $ 10 to 20+…

The State and Future of Cyber Extortion & IT Hijacking for Ransom

Authors: Dr. Alexander Schellong, Wolfgang Kiener Hijacking and ransom payments. It is something associated with war zones, poor countries such as Somalia and their pirates, crime syndicates or Hollywood movies. Think again. The digital transformation brings it closer to home. Everybody needs to understand this growing Cyber threat of #ITnapping for ransom.

Why Digitalization Needs Application Modernization

Authors: Stefan Pauly and Gerhard Kaucky Looking at the current hype around Digitalization we recognize the positions and arguments of two groups: One group is Sales and Marketing, CEOs and CMOs who reflect about the business value of Digitalization, about new sales and service channels, digitalized products, and – in general – renewed business processes.

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