Current Situation
FIs are seeking new strategies for digital identity verification and entity risk assessment, driven by the parallel uptick in identity or account-based fraud attacks and consumer demand for frictionless access to digital channels. There is increased demand as online and mobile banking activity as well as ecommerce is increasing.
Goals and Objectives
Optimize digital identity verification processes to enable frictionless and secure customer onboarding through all digital account registrations. This includes the ability to validate documentary credentials (e.g., license and passport).
Technology Deployed
Hardware: Enterprise hardware
Services: SaaS
Software: Analytics, AI, and application platforms (physical and behavioral biometrics and predictive analytics)
Innovation accelerators: Cognitive machine learning
3rd Platform technologies: Big Data and analytics
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.