Who are you? Cutting-edge KYC

Many firms continue to experience unnecessary expense and errors, when the data and technology is available for faster, more accurate as well as lower-cost customer authentication and risk insight. Steve Elliot reports on how rich data sets can transform Know Your Customer processes in financial services.

Steve Elliot is managing director at LexisNexis®Risk Solutions (https://risk.lexisnexis.co.uk).

Financial institutions face fines, reputational harm, customer disruption and significant commercial loss if they fail to ‘know their customers’. Despite the competitive imperatives to get solutions right, some companies are still struggling to let go of out-of-date compliance-led solutions. Data science has the ability to provide firms with greatly improved customer authentication and risk insight by utilising an increased range of physical and digital identity attributes. These can be linked to individuals and to the broader ecosystem they are part of, by using effective technology, thereby providing firms with data-rich, cross-industry insight.