True Nature of Business
Understanding the true nature of a customer's business is essential for a bank to provide appropriate and effective financial services, identify commercial opportunities, manage risk, and comply with regulations.
Knowing the customer's business is essential to understanding their risk. It is essential when comparing customers' behaviour against their peer groups.
Understanding whether your customer's business is actually operating in a higher risk industry than you thought. It makes a difference to know whether your customer is involved in gambling while you were thinking they were operating in a lower-risk industry, such as retail.
Anti-money laundering laws require financial institutions to have a thorough understanding of their customers and their business activities.
By having a clear better understanding of their customers’ business activities, financial institutions can more effectively profile and monitor them against their peers, and report any suspicious activities.
Identify Commercial Opportunities
Improving the understanding of your customer's business helps understand their financial needs and tailor your products and services accordingly.
A business that is in a seasonal industry may have different financial needs than a business that operates year-round. We help you provide more personalised and relevant financial solutions.