In recent years the banking industry has recorded impressive growth rates due to Know Your Customer (KYC). KYC processes are helping ensnare suspicious banking activity, reduce risk through the analysis of data and pattern identification, the execution of a three-part AML approach to detect, prioritize, and evaluate predetermined indicators found in various data sources by means of trends like artificial intelligence (AI), social biometrics, blockchain and many others. Technology trends such as AI, blockchain, machine learning, and social biometrics have swept through the banking vertical and radically changed Know Your Customer (KYC) solutions by gradually automating banking procedures.

AI is the base to many new technologies for KYC in the banking sector. Advanced analytics solutions incorporating AI significantly improves the effectiveness of anti-money-laundering (AML) case management and KYC screening processes. Machine learning (ML) allows systems to automatically train and enhance its outcome prediction accuracy. Blockchain helps validate customer identity through parameters such as the source of funds, business interests, history of credit score and also tracks their financial progress. Social biometrics has the added benefit of capturing information about users who have a little credit history but often have a social presence as it uses big data, state-of-the-art transaction monitoring and KYC methods.

In the existing banking landscape, it proves to be a cumbersome task for CIOs to zero down on an apt KYC solution provider. To make this task easier, our distinguished panel comprising of CEOs, CIOs, analysts and the Banking CIO Outlook editorial board have evaluated firms that can provide efficient and robust KYC solutions.

We present to you Banking CIO Outlook’s “Top 10 KYC Solution Providers - 2017.”