- What additional data sources can banks rely on to enrich their customer risk profiles?
- How are banks using third-party risk data today and what are the potential risks and rewards of using new data sources in onboarding?
- Are all data sources made equal? What challenges come with cultivating enriched profiles and how can FIs overcome those?
Know Your Customer (KYC) teams sift through a vast amount of data to accurately understand the risk of their customers, but there is a gap in understanding of how banks can most efficiently and effectively use data. Banks are expected to have a holistic view of each customer’s risk, and require a variety of data to bring perpetual Know Your Customer (KYC) programs to fruition.
Financial crime risk management teams need to assess what types of data are required and where additional third-party risk data can be applied to mitigate risk across the organisation. Financial institutions are searching for new methods on how to effectively manage additional data to form a better understanding of customer risk profiles.
By working with third party providers, banks can enrich data profiles with additional insights, and better understand their customer base from onboarding and customer due diligence through to ongoing monitoring. This will help mitigate risk and ensure timely risk assessment for a dynamic customer base.
Sign up for this Finextra webinar, hosted in association with NICE Actimize, to join our panel of industry experts who will explore the benefits of integrating new data sources in risk monitoring and screening processes.
- Gary Wright - Head of Research, Finextra [Moderator]
- Mariola Marzouk - Product Manager, CDD-X, Nice Actimize