Experian Launches KYC Solution That Flags Changes to Customer Data

Experian launched a new solution in the United Kingdom that streamlines know your customer (KYC) checks by continuously monitoring customer data from internal and external sources and automatically flagging data changes that may indicate risk.

The Financial Crime Compliance Perpetual Monitoring solution reduces financial institutions’ reliance on manual periodic reviews, prompts them to further review the data changes that it flags, and allows them to focus on the most complex and high-risk cases, the global data and technology company said in a Tuesday (Sept. 9) press release .

Experian will roll out the solution across the banking and lending industry over the next year, after having worked with several major banks and lenders to pilot it, according to the release.

“Ultimately, our ambition is for Perpetual Monitoring to become the industry standard across the U.K. financial services industry, using best-in-class technology to prevent laundered money from entering and destabilizing the financial system,” Grant MacDonald , director of FinCrime market engagement, Experian UK&I, said in the release.

Lloyds Banking Group has been using a Perpetual Monitoring solution called Automated Portfolio Monitoring (APM) for “some time,” having developed it in collaboration with Experian, per the release.

“APM has significantly reduced friction for our customers, streamlining touch points and creating a smoother, more seamless experience when we’re doing the checks we must do to protect and prevent financial crime,” Tom Martin , business platform lead at Lloyds Banking Group, said in the release.

PYMNTS reported in December that as financial services become faster and more accessible through technology, the risks of financial crime are growing and regulators are demanding heightened vigilance.

Against this backdrop, compliance is becoming a cornerstone of competitive differentiation for financial institutions in an era where trust is a marketable asset.

In another move, Experian said in June that it added Mastercard ’s identity verification and fraud prevention technology to its Ascend analytics platform. The company said the collaboration will bolster identity verification services for the more than 1,800 Experian customers using Ascend.

In August 2024, Experian added behavioral analytics to its fraud detection capabilities by acquiring NeuroID , saying that the addition of this new layer of insight into digital behavioral signals for new and returning users will help combat artificial intelligence-enabled fraud.

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