Reducing Risk in KYC (Know Your Customer) for large Indian banks using Big Data Analytics

Abstract

KYC (Know Your Customer) is becoming a critical gatekeeper process for financial institutions, the world over, to safeguard against financial frauds, terrorist funding and money laundering. It involves collecting basic identity & address information about the customer. Regulatory agencies have been coming down heavily on defaulting organizations thereby forcing many of them to invest in state of the art financial transaction surveillance systems. One of the biggest challenges that the industry faces while it steps up monitoring is the sheer size of the data, speed of generation of this data and complexity arising out of multiple & non-standard formats.