Industry Watch 
Controlling the cost of customer acquisition The cost to acquire a new customer far exceeds the cost of developing an existing account. Nevertheless, financial services companies are under pressure to gain market share by expanding retail operations. The conflict between generating new business and cost-effectively managing compliance with data privacy and Know Your Customer legislation stretches staff and process bandwidth. Offering new accounts to marginal customers is a risky business. To combat this, the processes and applications surrounding fraud mitigation must continue to evolve and make full use of all available data to produce informed decisions. |