How AI-enabled automation benefits the KYC process

Banks are increasing their use of artificial intelligence-enabled automation, focusing on how to identify and verify customers for onboarding, and AI-powered solutions appear critical to gaining Generation Z customers, says Charley Ma, general manager of fintech at identity decisioning platform provider Alloy, in today’s episode of “The Buzz.” Gen Z refers to young people born after 1997.  Banks face more inherent risk when onboarding young clientele because traditional single stream data sources used to validate know-your-customer (KYC) processes may not work for this group. Onboarding younger customers with little financial experience or credit can be a challenge, and it’s proving essential for financial institutions to facilitate onboarding with automation to gain this new generation of customers, Ma says in this Bank Automation News podcast.   Ma is working to deepen the fintech offerings and go-to-market strategy at Alloy, which he joined in January. He previously served as head of growth with corporate card fintech Ramp, and led the fintech and developer sales vertical at data integrator Plaid, where he built out the firm’s New York office prior to its $5.3 billion acquisition by Visa.