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Top 10 KYC Consulting/Services Companies - 2018

Financial Institutions leverage Know Your Customer, or KYC as it is more popularly called, to obtain information about the identity and address of their customers. While it helps the institutions to find low-risk customers and easily onboard and retain them, the customers benefit from receiving exceptional transactional services. Since KYC consists of collecting and validating data, it is not easy. Some of the challenges include counterfeited documents, difficulty in monitoring transactions due to trade-based money laundering, and so on. Therefore, financial institutions today leverage upcoming technologies such as AI, blockchain, and social biometrics for their KYC processes.

With branches such as machine learning, NLP, neural networks, fuzzy logic, and so on, AI can produce a significant impact on the KYC process. An AI-based KYC system can provide dynamic questionnaire that would adapt to the customer’s responses to come up with follow-up questions. It would also help in reducing KYC profile updates for financial institutions. Adding blockchain to this system can greatly influence the security of the stored data since the information is stored in different locations through distributed ledgers. Additionally, by leveraging techniques such as social biometrics, the person’s footprint gathered through his social media pages can provide information about an individual that might otherwise be unavailable.

By carefully scrutinizing these factors, a distinguished selection panel comprising CEOs, CIOs, VCs, and the Banking CIO Outlook’s editorial board has selected a list of the top KYC consulting/service providers that leverage innovative technologies and strategies to enhance today's KYC processes. These companies offer powerful solutions coupled with innovative strategies that are distinctively prominent in the field.

We present to you Banking CIO Outlook’s Top 10 KYC Consulting/Services Companies - 2018.

Company Logo Company Name Company Description
Blue Umbrella Offers a wide range of services that includes employment screening, enhanced due diligence, third party screening and high net worth due diligence
Exiger Helps in effectively managing critical challenges in KYC while developing and implementing the policies, procedures and programs to create a sustainable compliance environment
i3strategies Helps FinTech and technology start-ups understand how AML markets, programs, regulation works
ID.me Provides fast and compliant ways to verify a customer’s identity and SCRA status
SecureKey A leading identity and authentication provider that simplifies consumer access to online services and applications
Stratis Advisory Establish QA protocals for complete and accurate business records such as Know Your Customer (KYC) profiles, suspicious activity reports, among others
Swift Offers financial crime compliance services that reduces cost and complexity involved in tackling sanctions and Know Your Customer (KYC) requirements
Treehouse Technology Group Provides both product and strategy consulting along with technical implementation and project execution
Trulioo A leading global identity verification service that provides instant electronic identity and address verification
Umbrella Global Risk Consulting Mitigates money laundering and terrorist financing risks and increases the capacity of regulatory expectations for reliable programs and controls