Five actions to build next-generation know-your-customer capabilities

Improve performance ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

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Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   AN ARTICLE A DAY, PICKED BY OUR EDITORS How well do you know your customers? Banks have spent billions of dollars on this, but many still treat know-your-customer (KYC) activities as “check the box” processes that can annoy their clients or even drive them away. It doesn’t have to be that way—and getting KYC right can improve customer experience, risk management, and revenue. A new article, drawing on a survey of global banks, looks closer and highlights five ingredients for impact. — Torea Frey, managing editor, Seattle Five actions to build next-generation know-your-customer capabilities KYC programs are key in banks' customer gain and retention, but their results aren't optimal, despite technology and operations spend. Improving five KYC areas can generate substantial business value. Improve performance   Quote of the Day “The water savings from switching to renewables were significant. A 50-percentage-point increase in purchases of renewables results in a nearly 60 percent reduction in water consumption for both the chemical companies and the food-and-beverage-processing companies [we studied].” —See why that matters in “Managing water and climate risk with renewable energy” Chart of the Day See today's chart   Also New Opportunities for UK businesses in the net-zero transition Supplying the goods and services to enable the global net-zero transition could be worth £1 trillion to UK businesses by 2030. Create value   Defense affordability: It's time for a new approach As annual growth in defense spending slows, defense companies need new strategies for reducing the cost of their products and services. Keep costs in check   Managing water and climate risk with renewable energy New analysis shows how companies can target renewable-energy purchases and investments to reduce water risk and carbon emissions in tandem. Maximize the benefits   Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends so they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the Daily Read newsletter. Manage subscriptions | Unsubscribe Copyright © 2021 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007