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Business Strategy: The Use of Advanced Analytics in the Know-Your-Customer Process

This IDC Financial Insights report takes a look at the challenges and opportunities that firms face in developing and deploying advanced analytics to improve their know-your-customer (KYC) programs and analysis. Firms are required to know as much as they can about their customers and deploy risk-based analytics to monitor and manage customer risks. If it's discovered that firms are doing business with "bad actors," they can be fined and sanctioned by regulators and suffer damage to their brands and reputations with customers, employees, investors, and counterparties.Bill Fearnley, research director, IDC Financial Insights, says, "Regulators and government agencies are working hard to cut off funds supporting terrorism and reduce financial crime and tax avoidance. To help in those efforts, regulators are requiring firms to improve their KYC programs with more detailed data and advanced analytics. Firms should be investing in new sources of data and data aggregation tools to help improve KYC compliance, onboarding, and customer risk profile monitoring."

IDC Financial Insights Opinion

In This Study

Situation Overview

The Approach

Internal, External, and Aggregated Data

KYC Analytics

Advanced Analytics Tools

Improved Outcomes

Future Outlook

Essential Guidance

Actions to Consider

Learn More

Related Research

Synopsis


IDC Financial Insights Opinion
In This Study
Situation Overview
The Approach
Internal, External, and Aggregated Data
KYC Analytics
Advanced Analytics Tools
Improved Outcomes
Future Outlook
Essential Guidance
Actions to Consider
Learn More
Related Research
Synopsis

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