The Goldilocks principle is so named by analogy to the children’s story “The Story of the Three Bears”, in which a little girl named Goldilocks tastes three different bowls of porridge and finds that she prefers porridge that is neither too hot nor too cold, but has just the right temperature.

The idea of “just the right amount” has been used in a wide range of disciplines, including biology, astronomy, economics and engineering. In astrobiology for example, the Goldilocks zone refers to the habitable zone around a star. Stephen Hawking wrote, “like Goldilocks, the development of intelligent life requires that planetary temperatures be ‘just right’”.

Similarly, for financial institutions deploying KYC solutions, the Goldilocks principle is applicable. Some traditional vendor solutions are too hot – they can be too complex or bloated and too costly when deploying. They demand that the financial institution hosts on premise in expensive data centres and maintains an on-going support team. Complex data integration and data cleansing are required during implementation.

In counterpoint to this, many new vendors offer more specific solutions, where certain regulations are decoded and laid out as simple rules. Such solutions provide access to simpler functionality through software as a service. Yet, while an improvement on the traditional wasteful model, such solutions are too cold – they usually operate in an area of expertise to cover one specific compliance issue. In other words, they are siloed. They do not cover AML compliance requirements holistically.

This is where, Idenfo comes in. Idenfo is different. It has been setup to offer another way through the evolving KYC regulatory landscape. Offering:

• Simple integration
• A single customer view
• Risk based customer outcomes
• End to end processes
• Highly configurable engine

Idenfo provides a just right KYC platform for any financial institution. It has been designed to cover the key international requirements across document verification, name screening and risk rating – everything needed for full KYC coverage – while offering deployment flexibility to suit any size of institution in any country.

We can see the Goldilocks principle in effect by way of analogy. For instance, look at the poster with three different cakes. The first cake with its overflowing toppings represents the traditional vendors who offer packages with too many features. The client ends up paying for services they never use. On the left, the three plain cakes represent the single-use vendors which are also not optimal because the client ends up having siloed systems. With Idenfo however, it is different: we are a one-stop-shop for all your AML and Compliance needs.

Look also at the poster with the three balloons. The balloon on the left is blown up too much and has popped – this represents the overwhelming effort needed to get the solution in place. The balloon on the right is not blown up enough, the solution is too simple and does not provide adequate coverage. With Idenfo, the balloon is blown up correctly.

In this article, we hope we were able to provide an overview of our philosophy, what we offer and what makes us unique. Please let us know your thoughts and connect with us with your queries.