Independent Banker - November 2023 - 63

Innovative
Insights
Global KYC in the Digital Age:
A Balance Between Compliance and Customer Experience
Know Your Customer (KYC) regulations have been around
for decades, but they are more important than ever. While
the digital age creates a new world of opportunity for people
and businesses, it also offers a boundless attack surface for
criminals.
In parallel, the demand for immediacy has directed focus
towards the customer experience and reducing friction.
Many geographic and market borders have also disappeared,
creating a landscape that's diverse, fragmented and
constantly changing., Fundamental tasks such as customer
identity and monitoring, require ongoing commitment.
Dynamic KYC is essential to outsmart the criminals and keep
up with regulations.
What should you look for in a global KYC solution?
A Multifaceted Approach Is Essential
As criminal activity becomes more sophisticated,
organizations must protect themselves from increased
fraud across all clients. Attacks are increasingly automated,
relentless and personal. Many synthetic identities are invisible
until it's too late.
Randy Mills,
FIS Vice
President of
KYC, Risk, &
Fraud Products
KYC proposes a set of standards designed to protect
organizations against money laundering, terrorism financing,
tax evasion, politically exposed persons and other risks.
Everyone in business should welcome KYC as a business
enabler but must also accept that it is complex and requires
effort. Why?
A Moving Target
The practicalities of KYC have changed and evolved further
as boundaries blured between our virtual and physical
worlds. Whether you need to create an account and identify
an individual or allow people and businesses to transact, the
world has become more complex.
An effective global KYC solution must be multifaceted
to verify individual and business entities and to identity
sanctions and traits warranting further investigation. It must
also be customizable to accommodate identity nuances in
real-time to minimize abandonment risk, for example, during
account opening.
A Simple Solution to Global KYC Complexity
FIS offers a comprehensive solution that removes the
complexity from global KYC. You connect through a single
application program interface (API) to enter a low-code/nocode
environment. Then you can customize workflows to
your exact needs and adapt to future requirements without
hiring an army of developers.
Our approach signals a new dawn for KYC. Choose the
modules you need now, for example identity verification,
watchlist screening or behavior profiling, then add others
when you want to. With FIS alongside, you can insulate your
organization from further threats without impeding the
customer experience.
Randy Mills,
FIS Vice President of KYC, Risk, & Fraud Products
C:+1.469.363.5509 // E: randy.mills@fisglobal.com.

Independent Banker - November 2023

Table of Contents for the Digital Edition of Independent Banker - November 2023

Contents
Independent Banker - November 2023 - Intro
Independent Banker - November 2023 - Cover1
Independent Banker - November 2023 - Cover2
Independent Banker - November 2023 - Contents
Independent Banker - November 2023 - 2
Independent Banker - November 2023 - 3
Independent Banker - November 2023 - 4
Independent Banker - November 2023 - 5
Independent Banker - November 2023 - 6
Independent Banker - November 2023 - 7
Independent Banker - November 2023 - 8
Independent Banker - November 2023 - 9
Independent Banker - November 2023 - 10
Independent Banker - November 2023 - 11
Independent Banker - November 2023 - 12
Independent Banker - November 2023 - 13
Independent Banker - November 2023 - 14
Independent Banker - November 2023 - 15
Independent Banker - November 2023 - 16
Independent Banker - November 2023 - 17
Independent Banker - November 2023 - 18
Independent Banker - November 2023 - 19
Independent Banker - November 2023 - 20
Independent Banker - November 2023 - 21
Independent Banker - November 2023 - 22
Independent Banker - November 2023 - 23
Independent Banker - November 2023 - 24
Independent Banker - November 2023 - 25
Independent Banker - November 2023 - 26
Independent Banker - November 2023 - 27
Independent Banker - November 2023 - 28
Independent Banker - November 2023 - 29
Independent Banker - November 2023 - 30
Independent Banker - November 2023 - 31
Independent Banker - November 2023 - 32
Independent Banker - November 2023 - 33
Independent Banker - November 2023 - 34
Independent Banker - November 2023 - 35
Independent Banker - November 2023 - 36
Independent Banker - November 2023 - 37
Independent Banker - November 2023 - 38
Independent Banker - November 2023 - 39
Independent Banker - November 2023 - 40
Independent Banker - November 2023 - 41
Independent Banker - November 2023 - 42
Independent Banker - November 2023 - 43
Independent Banker - November 2023 - 44
Independent Banker - November 2023 - 45
Independent Banker - November 2023 - 46
Independent Banker - November 2023 - 47
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Independent Banker - November 2023 - 49
Independent Banker - November 2023 - 50
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Independent Banker - November 2023 - 63
Independent Banker - November 2023 - 64
Independent Banker - November 2023 - 65
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Independent Banker - November 2023 - 80
Independent Banker - November 2023 - Cover3
Independent Banker - November 2023 - Cover4
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