The pandemic has opened the door for innovative thinking and the need for digital transformation in the KYC market. Supported by evolving regulations, FinTechs and financial institutions can now provide new clients with a seamless and quicker onboarding procedure without the need for a physical appointment, thanks to the replacement of physical documents with digital IDs and automation technologies allowing users to digitally show their identity credentials. Additionally, this would offer an easy way for current consumers to update their KYC information and broaden their relationships.
eKYC allows financial institutions to reduce operating costs with the better assurance that they know their consumers and remain compliant with AML requirements, in the end greatly improving customer experiences.
On the panel are: