Why Lenders and Insurers Shouldn’t Fully Rely on Digital KYC Checks

Published by Merryl Dusaran on January 30, 2020

Lending and insurance firms comply with KYC and AML rules to prevent fraud and money laundering. They collect customer data, analyze and verify it. They need to know who a customer is, their economic background, and if it’s legal to do business with them. For them to conform with regulatory bodies, they welcome Artificial Intelligence (AI) into their business. With AI’s ability, they can rapidly evaluate the worthiness of the borrower’s credit and mitigate risk cost-effectively.

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Why Lenders and Insurers Shouldn't Fully Rely on Digital KYC Checks

Why Lenders and Insurers Shouldn’t Fully Rely on Digital KYC Checks

Lending and insurance firms comply with KYC and AML rules to prevent fraud and money laundering. They collect customer data, analyze and verify it. They need to know who a customer is, their economic background, and if it’s legal to do business with them. For them to conform with regulatory bodies, they welcome Artificial Intelligence (AI) into their business. With AI’s ability, they can rapidly evaluate the worthiness of the borrower’s credit and mitigate risk cost-effectively.

Why Bankers Should Integrate Advanced KYC Protocols with Human Intervention

Why Bankers Should Integrate Advanced KYC Protocols with Human Intervention

Banks and financial institutions are always trying to keep up with the regulatory environment as it rapidly advances together with technology development. Know Your Customer (KYC), and compliance with Anti-Money Laundering (AML) remains their main focus to improve the onboarding process for secure and swift transactions. Especially with an increasing competitive customer-driven market, advance KYC solutions should be integrated into their human-oriented customer service activities to stay on track.