The shift toward digital KYC (Know Your Customer) in banking is being driven by evolving regulatory requirements, operational efficiencies, and rising customer expectations. Modern KYC platforms have become essential tools for banks seeking to ensure compliance, reduce fraud, and streamline the customer onboarding process.
By automating key aspects of the KYC workflow, solution providers are significantly reducing the need for manual intervention. This not only accelerates onboarding but also lowers the risk of human error. Key benefits include:
-Reduced manual effort through automated data extraction
-Faster verification and shorter processing times
-Improved accuracy, minimizing the likelihood of errors
One of the most transformative innovations in this space is Decentralized Identity (DCI) —a form of Portable Digital Identity (PDI) —which is reshaping how identity is managed and verified in the banking sector.
Digidentity is recognised as a Representative Vendor in the Market Guide for KYC Platforms for Banking by Gartner®.
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Gartner, Market Guide for KYC Platforms for Banking, By Vatsal Sharma, 10 December 2024