Senzing Named as an example for Real-time Identity Resolution by Gartner®
Identity Resolution Required for Customer 360 Views
The realization that entity resolution is a critical piece of any AML, fraud management, risk mitigation, digital transformation, data quality and integration, or customer 360 architecture is growing. GartnerR discussed identity resolution in a recent research report* that stated, “identity resolution enables enterprises to match customer records among different information silos.”
Identity resolution, or entity resolution, is the process of identifying information about people and organizations and their relationships to others, within and across data sources, and performing data deduplication to create a complete view of entities.
In addition to matching records, some technologies, such as SenzingR real-time AI for entity resolution also detect hidden relationships between individuals and organizations to provide users with the complete context they need for more effective:
- Financial crime detection and compliance processes (AML monitoring, KYC screening, and other risk management activities)
- MDM and CRM system accuracy and efficiencies
- Data deduplication and matching across large data sources
- Continuous investigations and regulatory monitoring
Critical Need for Entity Resolution Adoption
Gartner Research Vice President Analyst, Lyn Robison stated in a Gartner report*, published on September 8, 2021, “Without identity resolution, an enterprise cannot have a 360-degree view of its customers. Period.”
NICE Actimize, the industry leader in financial crime and compliance solutions, stated it is “seeing an increasing demand for entity resolution within financial crime programs.” As a result, the company has integrated Senzing entity resolution into the core of its Anti-Money Laundering suite of solutions.
Craig Costigan, CEO of NICE Actimize, shared his thinking stating “Senzing advanced entity resolution technology will further enhance our AML/KYC capabilities, provide a greater understanding of the customer, and give greater confidence in monitoring and detecting suspicious activity.”
Other large enterprises are gaining tremendous value from entity resolution. For example, a large information broker serving the financial services industry is using Senzing entity resolution to help identify more transaction fraud. “With Senzing technology in place, we’re giving subscribers more true matches instead of false positives. They can quickly find the specific person they are looking for, which improves operational efficiencies and reduces their risk,” said the Chief Data Officer.
Why This Matters to You
Fraud is rapidly increasing and costing enterprises millions of dollars. Knowing your customers (KYC) and having a complete profile view while understanding hidden risk and driving operational effectiveness in a business, is imperative in this modern landscape. In addition, the need for high quality data to perform machine learning and adopt AI for accurate decision-intelligence must be addressed. Whether your digital transformation technologies are on premises or cloud-based, like Azure or AWS, without entity resolution you truly cannot:
- Have a 360-degree view of your customers
- Mitigate and manage fraud
- Accurately match and de-duplicate people and organizations in vast data sets across multiple data sources
- Have a clear customer risk profile
- Satisfy the level of data quality and accuracy for decision intelligence in both machine learning and AI
Do you need to harness the power and reap the clear benefits of entity resolution for your business? To learn more about Senzing entity resolution capabilities for your business:
* Gartner, “Implementing the Technical Architecture for Master Data Management”, Lyn Robison, September 8, 2021.
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