The Future of KYC

[KYCbench]

Today, in many organisations, know your customer (KYC) is still a manual and time-consuming process.

Things are expected to change over the next few years, as more and more organisations started to implement automatic tools to streamline the KYC process.

A good example of how organisations can utilize technology to enhance their KYC process is outlined below:

1. Client is prompted to take a picture of a government-issued identification on their mobile device and submit it through the internet to the organisation.
• The organisation can then automatically authenticate that identification.

2. Client is prompted to take a selfie on their mobile device and submit it through the internet to the organisation.
• The organisation can then automatically validate that the selfie matches the picture on the government-issued identification initially provided.
• Furthermore, when a client takes a picture from their mobile device, the organisation will also receive the client’s location, device identification number and type of device operating system.

Read more at: https://www.kycbench.com/the-future-of-kyc/

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