Banks often have multiple onboarding platforms and use disparate KYC processes and vendors throughout the bank. In addition, many of these processes continue to produce high rates of false positives requiring extensive manual investigative intervention. The systems lack automation and cognitive technologies to improve efficiency and effectiveness.
Goals and Objectives
Verify new retail, small business, and corporate customers maintaining a high level of due diligence on existing customers using one enterprise-wide KYC onboarding process that is highly automated and low friction for the customer. Meet and exceed all regulatory requirements while producing a very low false positive rate.
Artificial intelligence, deep learning predictive analytics, RPA, machine learning, natural language processing and generation.
Use Case Summary
A highly intelligent, automated, and standardized KYC process will accurately assess digital identities to flush out synthetic and stolen ones to mitigate new account fraud across all product lines.