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February 19, 2019
How “Know-Your-Customer” can deliver digital trust
Banks are fast becoming unrecognizable as data disrupts the very nature of what they do, inspiring innovations from e-commerce to self-service insurance. New access to data could yield unprecedented opportunities – and risks. Financial crime costs $1.4-3.5 trillion per year, making new preventative technology to protect that data imperative. It’s never been more important that your bank can identify you and block fraudsters – making ‘know your customer’ (KYC) the watchwords of banking in our digital era. Dai Bedford, EY’s Global Banking & Capital Markets Advisory Leader explains.