Will Big Data for KYC still be an option once GDPR is implemented, and if so - how?
Risks are interconnected, dynamic and widespread. As our online financial eco-system continues to evolve, businesses will require a deeper risk insight that big data and AI can provide, as well as smart and flexible products that will help mitigate these risks from cyber-attacks, autonomous technologies, etc. Performing KYC on customers upon registration and again for ongoing engagement and/or transactional touchpoints is and will remain a vital process in securing business transactions and operations.
“Having integrated the multitude of APIs of data sources into our secure platform we are able to tackle secure customer authentication through the different compliance layers such as validating, verifying and authenticating the customer, all backed behind our anti-fraud technology and monitoring. We bring all these key elements together to ensure we provide the most cost-effective and compliant solution for the time.” - Alvaro Kurth, CRO | DPO 4Stop.
Making sure that the customer always has the right to delete his own data at any point is at the core of the General Data Protection Regulation (GDPR). As well, it puts a lot of accountability on the players within the market to ensure data is encrypted and that they are in full control at any point of time when passing data between entities, knowing with absolute confidence there is no privacy leak.
“In regard to KYC and big data, a single transaction or customer registration can have thousands of data parameters associated to them and if you do not have those data parameters secured, there is a big risk and big threat that other groups will make use of that data that is not intended. On one side the customer experience can improve greatly by knowing who your customer is, being certain that you have performed a KYC check that is up to the security standards with the accountability to actually securely deal with that data is imperative for business operations. This is where we see a lot of regulation push.” - Ingo Ernst, CEO 4Stop.