Can automated KYC help with financial inclusion?


Know Your Customer processes have been a long-standing aspect of the onboarding process – but are automated KYC processes coming?

In a recent discussion, European chief operations officer Patricia Fernandez-Trapiella, Bureau van Dijk director of GRC solutions Ted Datta and Santander former head of due diligence Sanchit Langar discussed this topic amongst several others.

With the rise of perpetual KYC growing stronger and stronger, will automated KYC overtake manual KYC is helping best support financial inclusion?

Datta explained, “The whole idea is why? What are the incentives to do this? If you think about KYC data on companies, why do companies file at Companies House in the UK?

“Well, to get a bank loan and so they have a presence. There is a whole cycle of inclusivity. You need in any system to work there needs to be an incentive for all participants, it needs incentives for people to register their data or fill it in accurately at the point of creation, it needs incentives for market participants.”

Datta explained that it is definitely integral for automated KYC to exist and be universally available across a larger network.

With KYC processes needing to become more detailed as fraud and financial crime processes become more complex, does this mean more automated KYC?

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The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators’ perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.

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