Dec - Jan - 20186With rising cases of financial fraud, regulatory bodies in the banking industry are introducing more stringent rules and compliance mandates. In these circumstances, banks are under tremendous pressure to onboard customers faster while reducing the size of KYC teams to manage cost. As fraudsters find inventive ways to launder money and carry out other financial crimes, banks are struggling to improve their operational efficiency which precisely begins with taking onboard the `right' customer. Although banks are utilizing technology to streamline their KYC requirements and expedite customer onboarding, the challenge of finding accurate insights from ubiquitous data is quite a challenge. Riddled with legacy manual approaches, banks have to depend on an array of sources and tools to glean information about an entity for onboarding. Any involvement of misinformation during the analysis process might result in false positives which can further dent a bank's business prospects. However, there are several innovative companies who are helping banks to turn the tide in their favor. Cutting edge technologies in the form of big data, cloud, machine learning, and artificial intelligence together are making a splash on the banking screen. A combination of these technologies promises accurate and real time information about an entity in a single pane of glass, making customer onboarding a breeze. Driven by automation, the improved workflow with intelligent decision making helps banks to focus more on business development. Modern KYC solution providers allow banks to improve their top line with smaller teams, yet build sustained relationships with customers. Extending to partners, modern KYC solutions can also help validating third party companies that assist banks in various areas of the business. We have done a thorough evaluation of the current KYC technology arena and have come up with our latest edition on KYC solution providers. These companies, with their analytical approach and deep industry understanding can help you in your KYC endeavors. Let us know your thoughts. Copyright © 2018 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.DEC - JAN - 2018Mailing AddressValleyMedia, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510.402.1463, F:510-894-8405 DEC - JAN - 2018, Volume 03 - 10 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464KYC SPECIALCatherine Paulcatherine@bankingciooutlook.comVisualizerNitya SIssac GeorgeManaging EditorJames RobertsonSimplified, Secure Onboarding James RobertsonManaging Editor editor@bankingciooutlook.comArijit SarkarCarolynn WaltersJustin SmithEditorialJoseph MichaelKenneth ThomasRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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