AI-driven KYC: From Compliance Cost to Competitive Edge

By Jamir Savla, Vice-president & Global Head – Wealth Management Consulting at Hexaware Technologies

Revolutionising Finance: How AI is Transforming KYC and Fraud Detection

In an era where security, efficiency, and client experience are critical to success, artificial intelligence (AI) is reshaping how institutions manage Know Your Customer (KYC) processes. Moving beyond manual verification, AI-driven KYC systems automate identity checks, detect fraud patterns, and continuously adapt to emerging risks. The result is a smarter, faster, and more secure financial environment where trust is built through checks and intelligent, proactive, autonomous learning, and advanced protection.

The Evolution of KYC: From Compliance to Strategic Advantage

Know Your Customer (KYC) processes were initially developed to fulfil regulatory compliance     focused on preventing money laundering and fraud. Traditionally, KYC involved collecting identification documents, verifying backgrounds, and maintaining a compliance checklist, which was a labor-intensive, static, slow process., static, slow process.

However, as financial ...