Continuous KYC: A data-led approach that helps you find real risks in real time
Webinar on demand: Continuous KYC
Regulatory and customer expectations are increasingly putting pressure on financial institutions to change their approach to traditional Know Your Customer (KYC) activities. With the average bank taking over 25 days to onboard a new small and medium-sized enterprise (SME) customer(1) and a growing burden of cost associated with ongoing due diligence and periodic reviews, the current model of KYC is increasingly unsustainable.
In response, financial institutions are increasingly turning to new data-driven approaches to modernise their due diligence processes, spending a reported $905 million on KYC-related data in 2019.(2)
Join us to hear how a dynamic and technology-led approach to continuous KYC monitoring can help reduce the overall burden of KYC activities and help financial institutions to more effectively detect risk in their customer book.
You will learn:
-
How to move to a risk-based, fully event-driven ongoing due diligence and continuous KYC process and the benefits of doing so
-
How to evidence risk-based decisions using data and analytics
-
Why continuous KYC decisioning technology is a key facilitator for this change in approach
-
Examples of how financial institutions have approached this change from a policy, architecture and change management point of view
-
How to take a first step forward towards continuous KYC
(1) Thomson Reuters Cost of Compliance, 2016
(2) Burton Taylor report, 2019
You may be interested in…
HSBC Anti-Money Laundering Case Study: Big Data
Find out how Quantexa has helped HSBC to tackle financial crime using entity resolution and network analytics.
How Allianz Insurance Is Transforming Using Tech
Quantexa speaks with Allianz CFO to discuss the challenges of adopting technology across the enterprise, the role of data in customer-centricity, and leading transformation in the insurance industry.
A Guide to Creating Personalized Digital Services in Insurance
Learn how to leverage the power of AI and Advanced Analytics to manage changing customer expectations – and thrive in the digital age.
Financial Crime Analytics: Aite Report
Banks’ customer data stores are typically siloed, with widely varying degrees of data quality. Aite Group looks at the best entity resolution and linking tools to combat these challenges to drive actionable value from data.
Banking Data & Analytics Technology [Danske Bank Case Study]
To maximize the value of data, enterprises need the right IT infrastructure in place. In this episode, Bo Svejstrup, CIO at Danske Bank discusses resolving legacy data challenges, improving collaboration between business and IT, and the future of cloud adoption.
U.K Cabinet Office Is Making Gains in the Fight Against Covid-19 Fraud Using Cutting-Edge Technology
By leveraging the power of decision intelligence, the U.K. Government aims to recoup millions in fraudulently claimed loans granted during the pandemic — and arm lenders and other departments with insight to prevent future economic crimes.
Related Solutions
Tax Authorities
Reduce the tax gap, identify fraud and non-compliance, and operate as efficiently as possible with limited resources.
Anti-money laundering
Reveal hidden risks and detect criminal activity faster. Reduce false positives to manage the cost of compliance. And improve investigations to make faster and more consistent decisions at scale.
Customs Agencies & Border Control
Contextual Decision Intelligence enables faster decisions, increased revenue collection and enhanced compliance. The Quantexa platform enables Customs and Border agency teams to analyze data successfully, automate and accelerate decision-making, and achieve improved results.
Fraud
Identify potentially fraudulent activity by looking at people or transactions in isolation. Understand the context surrounding the organizations you do business with to make fast, accurate decisions.
Fraud, Waste & Abuse
Empower your team with the best tools available for today’s challenges to identify and prevent fraud, waste and abuse with contextual decision intelligence software.
Credit Risk
Understand your customers, their business structures and supply chains. Make better lending decisions, faster. And support digital risk transformation.
Customer Intelligence
Generate a complete view of the context around your customers and prospects to build better relationships, reduce attrition and find hidden opportunities.
Revolutionize Your Financial Crime and Fraud Detection
Investigations
Enhance the efficiency, effectiveness and consistency of your operational and complex investigations to empower your teams to expose and understand risk faster.
Master Data Management
Connect all data—internal and third party—to create a joined-up, contextual view of all the relationships between your customers and every other domain.
Compliance
See how we help to reduce costs and improve coverage for financial crime compliance.
CDO
See how our platform uses contextual analysis to turn data into a high value asset.
CIO
See how our platform uses financial crime technology to enhance your existing IT ecosystem.
Healthcare
Reduce the tax gap, identify fraud and non-compliance, and operate as efficiently as possible with limited resources.
Contextual Monitoring
Reveal hidden risks and detect criminal activity faster. Reduce false positives to manage the cost of compliance. And improve investigations to make faster and more consistent decisions at scale.
Unified CRM Solution
Know Your Customer
Reduce significant manual effort across onboarding, refreshes and remediation. Automate checks, implement continuous monitoring, and focus on contextual decision making.
Growth and Retention
Contextual Engagement
Generate a complete view of the context around your customers and prospects to build better relationships, reduce attrition and find hidden opportunities.
Data Management
Connect all data—internal and third party—to create a joined-up, contextual view of all the relationships between your customers and every other domain.
Connected Customer View
Generate a complete view of the context around your customers and prospects to build better relationships, reduce attrition and find hidden opportunities.