KYC is the process of acquiring contextual information as structural or nonstructural data in the form of identity proof, residential or office address, photo, and other such details to know, identify & verify who the customers are against the identity proofs and documents submitted by them. CDD is an extension of KYC, verifying customer’s identities by performing background checks and assessing risks throughout the customer life cycle to prevent identity fraud and money laundering activities. Financial institutions and organizations use KYC/CDD solutions to conduct customer identity verification, assess their financial transactions, and review risk factors to help eliminate anomalies, mitigate financial crimes, ensure regulatory compliance, and manage customer relationships. KYC/CDD is being offered as a standalone solution or an integral part of the Anti-Money Laundering (AML) solutions suite.

Quadrant Knowledge Solutions’ Know Your Customer (KYC) solution market research includes a detailed analysis of the global market regarding short-term and long-term growth opportunities, emerging technology trends, market trends, and future market outlook. The study provides a comprehensive market forecast analysis of the global market and the overall market adoption rate as well. This research provides strategic information for technology vendors to better understand the existing market, supporting their growth strategies; and for users to evaluate different vendors’ capabilities, competitive differentiation, and market position.

The research includes detailed competition analysis and vendor evaluation with the proprietary SPARK Matrix analysis. SPARK Matrix includes ranking and positioning of leading KYC solution vendors, with a global impact. The SPARK Matrix includes an analysis of vendors, including Accuity, Acuant, AML Partners, BAE Systems, Encompass, Equiniti, Fenergo, FICO, Fiserv, GBG, iMeta, Know Your Customer, NICE Actimize, Oracle, SAS, and Silent Eight.

According to Divya Baranawal, Research Director at Quadrant Knowledge Solutions “KYC/CDD solutions are getting more efficient with the influx of new tools and technologies like advanced analytics, behavioral biometrics, AI, ML, and RPA. The convergence of technology and intelligent automation is strengthening the KYC/CDD process by enabling efficient data ingestion, seamless customer onboarding, effective risk-assessment, and entity resolution, thereby detecting anomalous customers, beneficial owners & authorized signatories and mitigating potential instances of financial fraud.”

 

2021 Know Your Customer (KYC) Solution SPARK Matrix
Source: Quadrant Knowledge Solutions

SPARK Matrix-Know Your Customers-KYC-Customer Due Diligence-CDD-Solution-Quadrant Knowledge Solutions

 


Table of Contents

Executive Overview

  • Key Research Findings

Market Overview and Technology Trends

Factors Influencing Technology Development and Market Growth

Market Adoption Trends

Competition Landscape and Analysis 

  • Competitive Overview and Analysis
  • Key Competitive Factors and Technology Differentiators

SPARK Matrix™: Know Your Customer (KYC) Solution Market

Vendor Profiles

Research Methodologies

KYC solution research is a part of Quadrant’s Security & Risk Management practice.


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