Rethinking Nature of Business Discovery in KYB with AI Agents
In the process of account opening flow for business customers in banks and fintechs, one of the most overlooked friction points is surprisingly simple:
The way we ask questions.
Traditional KYB (Know Your Business) questionnaires often begin with vague, catch-all prompts like:
“Please describe your business in detail.”
This approach may seem straightforward, but it rarely delivers the information compliance teams need — especially in regulated industries like fintech, payments, and digital banking.
The Problem with Static Questionnaires
When a business answers with just “Software” or “Consulting,” it creates a new problem:
- The information is too vague for proper customer due diligence (CDD)
- Follow-up questions are required
- Manual reviews are triggered
- Onboarding is delayed by days — sometimes weeks
In many cases, compliance teams are stuck chasing clarity that could have been captured upfront.
Enter AI-Powered Dynamic Questionnaires
At Intrepid Fox, working on KYB automation, we believe there's a smarter way to collect business information — using Generative AI to drive dynamic, real-time questionnaires that adjust based on context.
Here’s how it works:
- Adaptive Questioning
Instead of static forms, the AI instantly follows up with short, specific questions like:
“What kind of software does your company build?”
Based on the answer, it dynamically proceeds further - just like a human conversation. - Context-Aware Follow-Up
If the client says “Payments software,” the next questions might ask:
“Do you serve end consumers or businesses?” or
“Do you integrate with card networks or banks?” - Real-Time Enrichment
In the background, the AI agent can:- Check the company’s LinkedIn profile
- Scan their website for services offered
- Request and validate supporting documents like invoices or incorporation records
This approach results in more complete, verifiable business profiles — and eliminates the endless email chains.
Why It Matters for Compliance
For regulated institutions, the benefits are clear:
- Faster KYB onboarding with fewer manual reviews
- Improved risk classification and due diligence
- Better audit trails supported by live data and documentation
- Higher completion rates with less customer drop-off
It also reduces the burden on compliance officers and onboarding teams, who spend too much time filling in the gaps left by static forms.
A Real-World Application of AI in Compliance
This isn’t a futuristic concept — it’s already in production.
Our clients use AI-powered KYB automation to speed up onboarding, reduce error rates, and collect more accurate data.
Dynamic questionnaires are a great example of how AI can improve user experience while solving real compliance problems. And unlike traditional rules-based systems, generative agents can adjust to different business models, geographies, and risk profiles in real time.
Final Thought
We don’t expect people to share a full business plan in casual conversation - why should onboarding forms expect any different?
By making KYB smarter, faster, and more human-like, AI agents help financial institutions gather the right data from the start, reduce friction, and stay compliant at scale.
