Setting a standard path forward for KYC

Customers have good reason to be upset with banks over their KYC process, which tends to be complicated and costly to follow. Given the timelines and pressures from regulators to be compliant, it is understandable that banks have struggled to make KYC customer friendly. With the new technologies available, now is the perfect time to set a new standard for eKYC solutions that make being compliant fast and cost effective. However, there is a key dependency that needs to be first considered before a global solution can be delivered. This article provides some recommendations on how this could be done.