In today’s data-driven world, businesses and organisations rely heavily on Know Your Customer (KYC) processes to assess customer risk, establish trust and comply with Anti-Money Laundering (AML) laws. Farosian’s digital media data significantly enhances the effectiveness of KYC practices.
In short, KYC usually helps businesses to:
The traditional KYC approach, which often includes adverse media checks, hasn’t been as effective in identifying high-risk customers as it could be. However, with the ever-growing influence of social and digital media in our lives, a revolutionary solution has emerged to bolster KYC checks significantly. Leveraging the power of AI and social signals, our innovative product aims to redefine how organisations truly know their customers.
Traditionally, adverse media checks have been an important component of KYC procedures. These checks involve screening customers against various negative databases, sanction lists, and media sources for any associations with criminal activities, financial misconduct, or reputational risks.
While effective to some extent, this approach has limitations. It often relies on predefined databases, which may not capture all relevant information, leaving potential gaps in risk identification. Moreover, the static nature of adverse media checks may fail to keep pace with rapidly evolving customer behaviour and online interactions.
Enter the era of social media checks – an innovative approach which taps into the vast reservoirs of data available through social and digital media platforms. Social media screening encompasses a wealth of information, including users’ posts, connections, interactions, and sentiments.
Our product harnesses the potential of advanced AI algorithms, machine learning and a dedicated team of digital data analysts to scrutinize these data points, providing a dynamic and comprehensive view of a customer’s digital footprint.
If knowledge is power, then data is gold.
Farosian CEO - Farhad Bhyat
The amalgamation of AI and social media data revolutionizes customer due diligence, offering a multifaceted perspective on the individuals or entities under scrutiny. Here’s a breakdown of how our social media background checks can bolster KYC and enable organizations to know their customers better:
Incorporating AI-boosted social media background checks into KYC processes represents a transformative leap forward for organisations seeking to reinforce their risk management strategies. By harnessing the power of digital media data, our product surpasses traditional adverse media checks and equips businesses with a comprehensive understanding of their customers. Embracing this innovative approach will empower organisations to make better-informed decisions, foster trust, and mitigate potential risks effectively.
Get in touch with us and let’s chat about how we can help your organisation make more informed business decisions, today.