The annual cost
$206bnestimated annual financial crime compliance costs for financial institutions in the 2023 study.
LexisNexis, True Cost of Financial Crime Compliance, 2023 ↗Industry context
Better onboarding. A stronger business.
The way you establish trust shapes customer experience, operating cost and growth. Explore the pressures changing business onboarding, and what a connected operating model can make possible.
01 / The problem
Bad onboarding never stays in onboarding.
Every disconnected step carries a cost across the business.
Onboarding
-
Sales
Signed merchants wait weeks to trade. Revenue sits in a queue.
-
Product
Every extra step and repeated request costs completions.
-
Operations
Analysts chase documents by email and re-key data between systems.
-
Risk and compliance
Evidence is scattered, so decisions are hard to explain and harder to repeat.
-
Finance
Cost to serve grows with every new merchant, and every new vendor.
-
The customer
The business being onboarded feels every handoff.
02 / The legacy answer
More vendors. More work between them.
Each point solution answers one question. The work between them remains: retyping data, chasing documents and reconciling results by hand. Connecting the tools should not become another job.
Manual coordination
- Company registries
- Document checks
- Sanctions and PEP screening
- Adverse media
- Identity verification
- UBO searches
- Email chains
- Spreadsheets
- Case notes
- Credit data
- Ticketing
- CRM
- Shared inboxes
03 / Why now
Everything got faster and cheaper. Compliance didn’t.
The verification bottleneck
1%of banks in Liminal’s 2026 research complete same-day automated business verification.
Liminal, BEV in Banking Index, 2026 ↗The technology shift
280xreduction in inference cost at GPT-3.5 performance, November 2022 to October 2024.
Stanford AI Index, 2025 ↗The pace of payments
266bnreal-time payments in 2023, up 42% in a year.
ACI Worldwide, Prime Time for Real-Time, 2024 ↗04 / The size of the prize
A $206bn problem. A market doubling by 2030.
The cost pool
$206bnestimated annual financial crime compliance costs for financial institutions in the 2023 study.
LexisNexis, 2023 ($206.1bn) ↗The technology market
$29bnforecast identity verification market in 2030, up from $14bn in 2025.
MarketsandMarkets, June 2025 ($14.34bn to $29.32bn) ↗The shift
60%median share of banks’ business customers covered by verification in 2026, up from 44% two years earlier.
Liminal, BEV in Banking Index, 2026 ↗05 / The business case
Faster to revenue.
More capacity to grow.
The value is in what changes for the business: less time waiting to trade, fewer manual handoffs and more customers onboarded with the team you have. Measure the impact against your own starting point.
Reduce the wait to start trading.
Track the time from a complete application to an onboarding decision. Faster decisions give approved businesses an earlier opportunity to transact.
Increase the capacity of your team.
Measure completed onboardings alongside the effort needed to deliver them. Less document chasing and re-keying creates room for more customers.
Remove delay across the whole journey.
Look beyond the individual check. Connected submissions, reviews and decisions can reduce the elapsed time from application to completion.
Build your operating model