Implementing of Data Quality in KYC using Cloud Environment

Data Quality is a cross-disciplinary and often domain specific problem due to the importance of fitness for use in the definition of data quality metrics. Existing model and methodologies capabilities are restricted to the structured data type and limit its ability to assess data quality in web and big data. Online banking is getting popularity due to location independence, 24/7 services and responsiveness. Financial services through the internet are running under various threats like phishing, malware, Man-In-The Middle (MITM) attack and the evolving sophistication of compromise techniques. One-time password (OTP) in online banking system alleviate the risk and make it secure. Know Your Customer (KYC) and sanctions requirements continues to be a key focus area for financial institution (FI) management, and firms must ensure they are following appropriate compliance procedures to meet the increasing regulatory demands.