<p>Know Your Customer (KYC) is the process a business undertakes to verify the identity of its clients.</p>

<p>A core component of KYC, the Customer Identification Program (CIP) process, has typically been&nbsp;conducted when a customer is physically present to meet with their banker and copies of documents&nbsp;are certified and notarized as authentic originals. However, with the demand for digital business&nbsp;relationships increasing, customers of all age groups are demanding to have a complete digital&nbsp;relationship with their bank and therefore use mobile and online channels to conduct banking&nbsp;activities.</p>

<p>With an increase in fraudulent government ID documents, the risks around correctly authenticating,&nbsp;validating and verifying the customer have dramatically increased. The challenge for financial&nbsp;institutions is to simultaneously comply with the KYC regulations, ensure they are doing business&nbsp;with a genuine digital client and ensure that the stored client’s identity data is safe. The industry is&nbsp;facing a large cost base for KYC remediation programs and has amassed considerable fines for KYC&nbsp;and AML infractions.</p>

<p>However, there is a shift developing in the market to view KYC not strictly as a regulatory obligation&nbsp;but also as having the potential to enhance revenue generation. This now moves the market to a&nbsp;dynamic KYC environment and requires technology solutions to ensure financial institutions can&nbsp;authenticate, validate and verify whom they are doing business with.</p>

<p>The utility model is the next step in the evolution of the KYC Customer Due Diligence (CDD) process&nbsp;as the industry attempts to standardize across the major markets. However, given the significant&nbsp;investment in people, data, governance processes and technology it requires, the commercial model&nbsp;for the utility will only work if the records produced can be resold multiple times without changes to&nbsp;the baseline profile, thus providing a significant margin.</p>

<p>Financial Institutions (FIs) are starting to make use of technologies such as blockchain, graph database&nbsp;visualizing tools and Artificial Intelligence for KYC. These technologies could help drastically reduce&nbsp;manual labor and protect personal information more effectively.</p>

<p>This report outlines the KYC market landscape and gives KYC solution component expenditure.</p>

<p>This report covers the following vendors offering KYC solutions for FIs, including 3i Infotech,&nbsp;Accuity (part of RELX Group), ACI Worldwide, Alacra, Appway, Arachnys, BAE Systems Applied&nbsp;Intelligence, Bankers Almanac, Booz Allen Hamilton, Bottomline Technologies, Bureau van Dijk, C6&nbsp;Intelligence Group, Callcredit, CaseWare, ComplyAdvantage, Contego, Creditsafe, CustomerXPs,&nbsp;Dow Jones, DueDil, Dun &amp; Bradstreet, EastNets, Entrust, Equifax, Experian, Feedzai, Fenergo,&nbsp;FICO, FircoSoft (part of RELX Group), FIS, Fiserv, GB Group, iMeta, Kroll, kyc.com (powered by IHS Markit and Genpact), KYCnet, LexisNexis Risk Solutions (part of RELX Group), Lexmark, NICE Actimize, Nomino Data, Onfido, OpenCorporates,&nbsp;Oracle, Pega, Safe Banking Systems, SAS, Thomson Reuters, Trulioo, Verafin, VIX Verify, Wolters&nbsp;Kluwer FS and Wynyard.</p>

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