Money20/20 USA 2023 saw the leading lights of financial services come together in Las Vegas to connect and offer key insights into the future of fintech.
Supporting banks with the right KYC tools
“There’s so much potential and power in the KYC tools on the market, with recent advancements in data and analytics,” says Personetics’ Bhagat.
“Today, KYC is not merely a security measure but a means for banks to understand their customer’s transaction history and deliver real value to them, offering them the right tools and services to improve their financial well-being.
“If you’re a bank, it’s so important to get KYC right and show your customers you’re looking out for them. So you need to be able to understand their transaction activity and deliver real value to them.
“What we’ve found is that customers really appreciate the value exchange when their primary bank consumes and embeds their data. This is because banks that do so can deliver tailored advice and guidance around their day-to-day banking activity.
“Of course, it remains as important as ever for banks to remain cognizant of the regulations and requirements around data, and give customers ease of access to their right to opt-out of data sharing.
“At Personetics, we’re geared to tailor our KYC tools for different regulations in different markets, and also poised for any anticipated changes in privacy restrictions in the relevant markets we operate in.”
For more from Bhagat and Personetics at Money20/20 USA, you can click on the video link above.
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