Digital KYC As a Means To Streamline Customer Authentication
The process of onboarding customers on a worldwide basis in financial institutions requires rigorous customer identity and a specific validation process known as KYC. The system of digital KYC helps in the most crucial cases by eliminating the harmful threats that can hamper customer presence and resources. Unlike the traditional KYC process, this method of KYC is less time-consuming. Had it not been without the occurrence of the COVID-19, the story of KYC would still have been the same. Reports have suggested that the process of onboarding customers online has led to an increased account opening in the financial sectors by a great percentage in the next 2 years. Thus, it plays a great role in streamlining the authentication of customers. What is the process of automation for a digital KYC solution? This customer onboarding KYC is used in different sectors for a number of automated processes. These include: · Identifying and verifying the customer and the beneficial