KYC Data and Solutions, 2024
Financial institutions are looking to enhance their customer insights and Know Your Customer (KYC) processes with unified, perpetual customer records and centralized data repositories. But traditional core banking technologies lack the flexibility and scalability needed to manage dynamic customer data across multiple touchpoints. To address this, institutions are adopting advanced workflow and KYC platforms that integrate data from diverse sources, enabling real-time, comprehensive customer views.
The KYC vendor landscape, meanwhile, is expanding rapidly, with new entrants offering a range of solutions, from workflow automation to advanced analytics. Some vendors are specializing in vertical sectors such as investment banking and trusts, winning market share by offering tailored solutions that address specific industry needs. Overall, though, as the regulatory landscape evolves and financial institutions demand more sophisticated data, leading firms are enhancing their data management capabilities to automate processes, transfer third-party data and improve data accuracy.
This report updates our previous research. It contains two RiskTech Quadrants®.
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