What is Know Your Customer (KYC) and Why It Matters

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2 thoughts on “What is Know Your Customer (KYC) and Why It Matters


  1. Savanah Davis, what about when banks get over zealous with their authority, and harass clients continuously, block accounts every couple of months, because their departments can’t share all the information collected with each other? Please continue you research on your article, to show the threats and harassment to clients whom have banked with them for over 30 years. These large banks have got to be stopped. One major US bank in particular.


    1. Amit Kothari

      This is a real issue. It’s a bit of a struggle with banks at present, since they have legacy systems (Tier 1 banking systems) that software vendors effectively prevent them from replacing. In addition, information-sharing is also a struggle because these ancient, poorly-designed systems just don’t integrate to anything else without a large effort. All this means that the customer suffers, ultimately. Fortunately, there’s next-generation banking services that are trying to start from fresh – and even alternatives to the entire current financial system (think blockchain, crypto, etc.). It can’t go on for that much longer, in my opinion – as customers/clients will vote with their cash.

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