AI Enabled KYC Systems for Better Risk Profiling in Financial Institutions
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Section 326 of the USA PATRIOT Act sets out the Customer Identification Program which requires banks to verify the identity of customers using their services. In response, banks have digitalized their Know Your Customer (KYC) processes but compliance costs continue to climb. While several industry offerings are available to enable KYC automation and e KYC in customer onboarding, repeat or scheduled KYC, which is performed on existing customers to ensure bank channels are not used for fraudulent transactions, has received relatively less importance. Due to the absence of point solutions to address this need, banks spend considerably on scheduled KYC compliance. In our view, banks must leverage advances in natural language processing (NLP), machine learning (ML), and conversational artificial intelligence (AI) to digitalize scheduled KYC processes and improve risk profiling. Scheduled KYC automation and transformation must center on the following areas:
Customer profile screening and outreach
AML screening and disambiguation
Adverse media screening
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