Financial institutions are fast revamping their technological capabilities to counter the rise in counterfeiting and money laundering. From the implementation of customer identification procedures for collecting and validating customer data to the utilization of AI to automate anti-money laundering (AML) measures, the financial and banking sectors are all set to revamp their KYC procedures. In the wake of these trends, the global spending on KYC technologies has crossed $1.4 billion.
In this regard, organizations are taking full advantage of social biometrics, which involves tracking the footprint of a person on social media networks to gather valuable information regarding individuals that might not be available in conventional sources. When used in symbiosis with the traditional credit and KYC data for AML and compliance, social biometrics help financial institutions to better assess the risks of identity theft and fraud.
To put the spotlight on such key developments in the industry, Banking CIO Outlook illustrates how companies are leveraging the latest technologies to augment their KYC verification capabilities and meet the expectations of both regulatory agencies and customers. This edition also features thought leadership articles from subject matter experts on the ongoing trends, best practices, and recent innovations. Some of the exclusive insights are authored by Frida Roneus, director of digital strategy, innovation and fintech lead at Sumitomo Mitsui Banking, Manpreet Singh, senior MD and head of group customer experience at CIMB, and Susanne Prager, head of group cash management, Raiffeisen Bank International (RBI), who shed light on harnessing the power of fintech collaboration to drive innovation, improving CX, and enhancing cash management capabilities for improved financial workflow.
In this edition of Banking CIO Outlook, we also bring to you the story of some of the top KYC solution providers that deliver the best outcomes for their clients. In the list, pipl particularly stands out for its role in solving the global identity crisis. The company connects online identity information from countless independent sources to build digital identities with the highest integrity possible. We also bring you the story of ComplyCube, which is building the next-gen trust platform for the internet, which businesses can use to instantly verify the identity of their customers. Through the following pages, we aim to shine a light on the innovative trends and latest developments in the KYC sector. We would like to know your thoughts.
