Know Your Customer – for real is the title of the meeting organized by AssoFintech and Enhancers with the aim of opening a window on the experience of Incumbents, Startups Fintech and Technology Companies in designing solutions that combine the levels of UX achieved by financial services with compliance with regulatory requirements using Know Your Customer for the benefit of customers.
This new event hosted on the 6th of June by the Fintech District is dedicated to all those interested in the theme of the digitization of financial services and in particular to operators in the sector who are facing the introduction of KYC processes within their digital services.
With a series of speeches, delivered by Assofintech and Enhancers, we want to show how compliance processes can be integrated into digital services respecting the high standards of customer experience and be used to open new opportunities for innovation.
The event addresses a highly topical question, also because among the risks connected to the Know Your Customer process “there are also money laundering and the financing of terrorist activities”, as explained by Cristiano Motto, CoFounder & VP of AssoFintech. Information for the Customer Due Diligence includes a series of data and news that banks need to estimate what risks may derive from financial transactions performed on behalf of clients.
“Among the risks we find first and foremost money laundering and financing of terrorist activities” explains Motto reminding that “organizations have the obligation to ‘know their customers’, according to the KYC principle, for various reasons concerning anti-money laundering legislation and the prevention of fraud and identity theft, for example, but also the collaboration with police forces to find information about the clients investigated ”
It is evident that the prohibition on activating current accounts and credit lines, establishing commercial relationships and carrying out anonymous transactions is the basis of international standards for financial institutions but “unfortunately the implementation of Know Your Customer procedures represents a moment of complex management of customer relationship experience “.
Banks, FinTech and other players are designing increasingly sophisticated solutions to ensure full support for regulatory requirements and at the same time guarantee an experience that meets customer expectations. On the 6th of June we will talk about these experiences, also taking into account that PSD2 and GDPR are bringing important changes in the world of financial services, opening great opportunities to offer a better service to customers in full compliance with the regulation. According to Motto “The developments that currently expensive and complex processes such as KYC and AML will have in the next few years will be among the most important in the design of new operating models and business solutions”.
The Fintech District, together with Assofintech and Enhancers, looks to the present and also to the future, analyzing the evolution of Know Your Customer processes exactly in terms of PSD2 and GDPR. Data portability opens up new and interesting scenarios for compliance processes. “The portability of KYC and MAL is not currently a recognized and authorized feature of PSD2 – Motto points out – but the subject is very hot and expectations on new regulatory adjustments are very strong.”