The data collected in the Know your Customer (KYC) process shouldn’t be the only information financial institutions rely on to approve clients and mitigate fraud risk. Traditional tools were designed to stop money laundering and terrorism, not determine whether someone is who they claim to be. This means it’s increasingly important that businesses implement more sophisticated onboarding strategies focused on identity verification that goes beyond compliance.
Watch as Shelby Archer, Senior Manager of Financial Services at Ekata, a Mastercard company, walks through how to utilize global data, sophisticated data science, and machine learning models to enhance legacy KYC tools and supercharge your digital onboarding process to:
- Reduce abandonment
- Minimize unnecessary manual review
- Decrease the risk of fraud