Know Your Customer (KYC) refers to the process of verifying the identity of your customers, either before or during the time that they start doing business with you. The term “KYC” also references the regulated bank customer identity verification practices to assess and monitor customer risk. The KYC process is also a legal requirement intended as an anti-money laundering (AML) measure.
How do you know someone is who they say they are? How do you answer this question when your customers aren’t sitting face to face across the desk from you?
For financial services companies in particular, KYC compliance has a huge impact on how they enable customers to open accounts and perform financial transactions on their preferred device. Customers want to bank online but banks must contend with AML and KYC requirements while also fighting fraud, financial crimes and mitigating high-risk transactions.
To help meet your KYC obligations, you need an identity verification solution that can deliver both convenience to your customers and protection for your business. To do so, look for mobile and web-enabled solutions that leverage on-device technology, biometric authentication (such as facial recognition with liveness detection), compliant machine learning and identity experts to achieve accurate identity results within a seamless digital environment your customers want.
Jumio enables financial institutions to fulfill KYC compliance requirements with accurate, real-time online ID and identity verification. Our solutions have helped banks and other financial institutions replace slow, ineffective and manual KYC processes with more automated solutions that can be embedded within the online account setup and onboarding experience.
Jumio's AI-powered end-to-end identity verification and authentication solutions deliver key benefits to organizations striving to maximize onboarding and meet KYC and AML regulations.