Bank in turn would need to do more on KYC. They should consider KYC as done only if they know the “business” of their customers; (KYBC) and understand and assess the risks associated with each of their customers’ businesses (KYCBR). These would become an integral part of elementary risk management process of the bank in years to come.
But this change also makes a good business sense. Thus, implementation of KYC in all the above three manifestations and making banking more customer focussed and friendly will be another driver for making the next decade a defining decade.