October 15, 2019
The financial services industry has seen a transformation over the past decade, and the emergence of technologies has brought several efficiencies in the way banks and FIs operate. With customer experience at the epicenter, tech innovations are trying to solve several problems, which include high cost, low speed, complex processes, security concerns, and unmitigated risks. Customer onboarding is one of the major functions that faces all these challenges on a regular basis. However, in the recent past, the customer experience of the retail side of customer onboarding has been relatively well taken care of with some interesting innovation around newer forms of ID verification and authentication techniques involving OTPs and selfies.
KYC/AML has been the focus of regulators ever since the global financial crisis happened. The emergence of RegTech as the disruptor brought tons of startup-driven solutions in the KYC and AML space, which uses AI/ML, Blockchain, RPA, biometrics, APIs, etc. These solution providers are proving to be the best allies a financial institution could ask for. To understand what these players can bring to the table as your partners, let's have a closer look at some innovative startups that have been leveraging these technologies for providing eKYC/AML solutions:
1. Checkr (Funding Value: $310 Million)
Checkr helps organizations to conduct background checks. The platform specializes in covering driving & criminal records as well as basic identity confirmation. It offers solutions to financial services, retail & hospitality, healthcare, non-profits, on-demand economy, manufacturing, software & technology, P2P marketplaces, higher education, staffing, etc.
2. Fenergo (Funding Value: $154.5 Million)
Fenergo provides software solutions for financ ...