Digital Identity’s Role in Improving the Know-Your-Customer Experience Part 2

Blog | 14 March 2019

Digging deeper into how digital identity improves the know-your-customer process, let’s look at each step. How blockchain-based digital identity changes the step and how the change affects participants. The table outlines a simple version of the KYC process.

Table 1 – KYC and the Impact of Digital Identity

 

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The customer’s experience with the financial institution improves because the process is faster, more accurate and puts less burden on the customer’s time. The financial institution gets lower costs, reduced identity fraud and better compliance in its KYC process.

Digital identity on a blockchain brings significant benefits to everyone involved, which is why it makes sense for financial ecosystems to adopt now.