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  5. Know Your Customer Systems: 2020 xCelent Awards, Powered by VendorMatch

Know Your Customer Systems: 2020 xCelent Awards, Powered by VendorMatch

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27 June 2020
Neil Katkov

KYC is one of the most complex areas in the AML compliance value chain. The caseload and workforce challenges brought on by COVID-19 have only increased the pain.

Key research questions

  • What is a Know Your Customer system?
  • Who are the leading Know Your Customer system vendors globally?
  • Which systems win Know Your Customer xCelent Awards for 2020?

Abstract

Know Your Customer (KYC) attracts ever-increasing scrutiny from regulators and has become one of the most complex operational areas in anti-money laundering (AML) compliance. The caseload and workforce challenges brought on by COVID-19 have only exacerbated this key pain point for financial institutions.

In this report, Celent provides in-depth profiles of 14 leading solutions focused on Know Your Customer functions. We evaluate the KYC systems using Celent's proprietary ABCD Vendor View, and hand out xCelent Awards for the leading solutions in four categories: Advanced Technology, Breadth of Functionality, Customer Base, and Depth of Customer Services.

The profiled systems are from Arachnys, BAE Systems, ComplyAdvantage, EXL, Fenergo, Finantix, IBM, FinScan by Innovative Systems, NICE Actimize, Oracle, RDC, Refinitiv, Temenos, and Wolters Kluwer.

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