In brief

In brief

  • Accenture’s report shows how financial firms can find the "right" third-party data providers to transform their Know Your Customer strategy.
  • Finding the proper fit is the first step. We outline approaches for evaluating potential vendors in several key areas.
  • An effective implementation is the next step. Learn what factors to consider when building connections to your provider.

For financial firms working to delight their customers, Know Your Customer (KYC) processes can pose a challenge. An inefficient process often means customers being asked for the same data more than once, and the information provided is not necessarily reliable.

Third-party providers can alleviate these concerns—if they are the appropriate providers. Accenture’s report on KYC third-party providers offers suggestions and insight that can deliver high quality data and help you transform the customer experience.

The challenge is getting a third-party data provider aligned to the firm’s needs.

Finding the proper fit

Having more providers to choose from both is and is not a good thing. How can you find the proper fit when the number of choices is large and growing?

These three steps can help:


1. Evaluate the client base.

What type of data best suits the organization? Third-party providers often specialize in certain types of data that might address key pain points or support priority lines of business.

2. Identify the big data challenges.

What are the biggest data-related concerns? Third-party providers offer various services to support certain functions, such as KYC data enrichment or beneficial ownership verification.

3. Design a scorecard.

Which vendor would make the best fit? A scorecard can help evaluate a third-party vendor’s capabilities compared to the institution’s specific needs.

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After applying these steps to an initial pool of vendors, a trial period with the highest ranked vendors can help confirm the proper fit.

Making the right entrance

Selecting the appropriate third-party data provider is only the beginning of a solid relationship. Next, that provider should be onboarded effectively. The wrong implementation might mean failing to capture all the benefits the third party can offer. It could even mean the relationship fails—despite the up-front effort to find the appropriate vendor.

Third-party data providers offer trusted information on individuals and entities that can alleviate some of the burden of gathering information.

A few steps following integration can provide ongoing effectiveness: Integrating technology to automate data management as much as possible; and upgrading the Target Operating Model (TOM) and appropriate policies and procedures to reduce any front office burden.


Paying attention to the technology aspects of a third-party vendor implementation can improve some efficiencies. With the appropriate vendor and well-integrated technology, manual searches can be eliminated, and data integrity can be preserved.


Some third-party providers might merit shifting KYC roles and responsibilities from the relationship manager to an operational support group, as part of a reassessment of the TOM. Other KYC efficiencies might also surface as part of this effort.

Policy and procedures

Financial institutions may need to review and update various procedures and policies to accommodate the new third-party provider. For example, documentary evidence requirements and event-driven review processes may require revision. Desktop procedures and training can help onboard users to the new approach.

Need help to get it right?

Developing scorecards, managing an effective implementation, and updating policies and operating models are essential to good third-party vendor relationships. But tackling all these activities is not simple.

In a dynamic environment, where new providers are popping up with specialties in particular areas, knowing how to navigate is essential.

Accenture’s experience with connecting financial firms to their third-party vendors can work in your favor. We have experience in providing:

  • Extensive third-party data provider ecosystem, with capabilities for every type of financial institution
  • Vendor scorecards to support the evaluation process
  • Trial scorecards to help users navigate through the process for each provider
  • Industry contacts with leading providers to help institutions get started
  • Data scientists to support integration with systems
  • Transformation capabilities to secure more value throughout the process

Learn more about how third-party data vendors can transform your KYC strategy, and how Accenture can help you find a good fit.

Philippe Guiral

Managing Director – Strategy & Consulting

Blair West

Senior Manager – Strategy & Consulting

Angela Paderes

Manager – Strategy & Consulting

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