We outline the market outlook for identity verification, KYC, & AML in the retail banking industry — from investment trends and leading companies to recommendations for the players in the space.
What is identity verification, KYC, & AML?
Identity verification, know your customer (KYC), & anti-money laundering (AML) solutions verify identities to help banks detect malicious actors and comply with KYC, AML, and counter-terrorist financing (CTF) regulations.
Features & capabilities
Identity verification, KYC, & AML provide retail banking leaders with several capabilities, including:
- Automated data generation
- Quick and easy application programming interface (API) integration
- Increased fraud detection
- Customer authentication
- Biometric verification
- Continuous transaction monitoring
Benefits
Identity verification, KYC, & AML offer these substantial benefits to retail banking leaders:
- Automated account opening
- Reduced manual review
- Faster onboarding
- Increased customer conversions
- Reduced fraud
- Improved operational efficiency and effectiveness
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