Data Providers/Aggregators [BvD, D&B, Encompass, Know Your Customer] | - They provide relevant data to help banks pre-fill customer records and validate customer provided information.
- Have strong data coverage in most western nations
- Moody's has acquired a number of solutions to make a strong play in KYC (BVD, RDC, Kompany, Passfort). They are still primarily focused on external data, Passfort provides a workflow solution to manage KYC processes connected with Orbid, Grid and Kompany data.
| - Typically corporate focused
- Data providers/aggregators are focused only on external data and typically don't have any mechanisms for combining external data with internal data.
- Many have challenges with internal ER resolving different datasets together. (D&B and Moody's have not licensed Quantexa ER to improve)
- Any pKYC triggering process will be focused on external data only and will lack the ability to correlate with client data and add client specific materiality.
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End to End KYC Solutions [Actimize, Oracle, BAE Systems] | - Provide Enterprise Platform with Case Management, Risk Scoring and KYC data model to check the box on workflow, risk rating and investigations.
- On-prem or SaaS deployments
- Regulators are
| - Older approach to KYC leads to longer investigation times, less than accurate customer risk rating
- Don't have a strong ER capabilities focused on KYC
- Focus on customer records and not broader network for risk rating and investigations
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Screening Providers | - SaaS delivery models that can integrate well into existing processes and workflow/CLM providers through API's
- Provide multi-jurisdiction screening across Sanctions, PEP and Adverse Media
| - Focused on screening pain points and can't address complex EDD investigations and pKYC use cases
- Approach leads to large volume of false positives and high costs for alert disposition
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CLMs / Workflows [Pega, Fenergo Appian, Workfusion] | - Central piece of KYC and customer management processes
- Flexible low code platforms allow clients to design workflows specific to their requirements
| - Implementation challenges, not efficient against single customer view, network risk and change detection
- Implementations are typically long and costly without a standard product and scope creep
- Lack ER, network generation and advanced analytics to address KYC and pKYC pain points
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ID&V [Verify, Trulioo] | - Smart technologies to digitize the identity verification process, often dealing with official documents scanning and integrated data
- Strong data for individuals
- Integrate into online banking solutions to verify identities, reducing client friction
| - Limited set of data available for that specific purpose, technology not designed for other KYC purpose
- Address only the ID&V step in KYC process.
- Typically have data limitations by country
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Consultancies
Big 4 | - Bring guidance in advisory, implementation and design strategy - outsourced solution
- Bring together multiple market leading solutions to address client needs
- Offer managed service options for clients to manage an outcome for CDD, EDD and remediation
| - Costly and does not solve the problem of inefficient, manual processes
- Managed service business model not aligned for cost and effort takeout
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Community Team
