Know Your Customer (KYC)

Background

In 40 years, the administered economies of the 1980s have experienced 3 major upheavals:
  • Liberalization of trade in goods, capital and services
  • The fall of the Berlin Wall
  • The birth and phenomenal acceleration of Internet exchanges
States and regulators then transferred to banks, insurance companies and insurance companies the controls they could carry out before on the economy, sometimes fantasizing about the IT and control capacities of economic actors. The constraints and fines have created a strong incentive to comply with these new rules. In this context, Know Your Customer (or KYC) is the set of procedures for identifying and knowing customers, in order to ensure their reliability. Very useful in the banking sector, to combat fraud and money laundering, due diligence is extended to all companies in many sectors.    

Challenges

The current challenges of KYC are multiple. It is a matter of careful handling of procedures. It takes enough to ensure sufficient protection, but not too much, not to discourage the client. Too many constraints in terms of identity verification and personal information have the effect of scaring away customers. On the company side, control operations are long, tedious and perceived as obstacles without any commercial added value. The balance between security and user experience remains to be found.

Solutions

Datakeen offers you the use of artificial intelligence to organize and centralize the collected data, identify possible anomalies, and automate authentication steps through predictive analysis. We also propose to make the KYC steps easier for the customer, in order to improve his user experience.  

Interested? Let's discuss your issues and ask for a demo.