2023 Javelin KYC Solution Scorecard

Know Your Customer (KYC) is the bedrock of robust identity verification for any financial services organization. Understanding at a granular level whom an organization is doing business with translates into a strengthened defense against identity fraud and, on a grander scale, is often the difference between detecting and preventing major financial crimes, such as money laundering or terrorist financing.

Key questions examined in this report:

What technologies and features are available and considered critical for KYC vendors?

What gaps in service must be filled to narrow the gap between the KYC Best in Class and Leaders and the rest of the market?

How can KYC vendors better assist financial institutions with steady new-account growth and existing account monitoring while ensuring they comply with Bank Secrecy Act (BSA) and USA PATRIOT Act regulations?

Use cases: Meeting every objective

According to Javelin’s 2023 Identity Fraud Study: The Butterfly Effect, just over 15 million U.S. adults were victims of traditional identity fraud in 2022, with approximately $20 billion in traditional identity fraud losses. Finding the right KYC vendor allows FIs to make highly confident decisions in the account opening process with existing and new customers while maintaining steady growth and meeting compliance thresholds.

Convenience and security concerns stop consumers from opening accounts

Javelin's 2023 KYC Solution Scorecard evaluated providers across three criteria: Capabilities, functionality, and use cases. Learn how partnering with a robust and responsible KYC establishes trust with consumers.

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