GRC Viewpoint

Digital KYC Solutions, Noteworthy Trends

According to market research, the global market for digital KYC is anticipated to reach $137.4 million by 2028. The expected CAGR is 21.5%. 

Digital KYC has become essential and offers both customers and companies several advantages. 

Any company that must adhere to KYC rules must use digital KYC solutions. Recently, several enterprises have shown a tendency to embrace digital KYC solutions entirely instead of conventional systems.

READ MORE: KYC Solutions: What Does the Future Can Offer?

Conventional KYC procedures typically take a long time and require a lot of paper handling. The adoption of digital KYC solutions is quicker and simpler.

Data security is enhanced while leveraging digital KYC solutions. Digital KYC tools are made to be simple to use. Besides, the digitized solutions are quick to complete and accessible from any device with an internet connection.

AI/ML is used to automate various processes related to Know Your Customer (KYC) compliance. The trend is going to be significant in the future as well.

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Financial institutions can reduce labor costs and free up resources to use in other areas by automating various KYC compliance-related tasks.

With an increase in online transactions, digital identity is becoming more and more significant. As a result, the requirement for identity verification safely and effectively is expanding as more customers move their financial activities online. 

To give financial institutions complete control over the data and solutions installed on their preferred environment, KYC solutions are deployed on-premise or as cloud-based Software-as-a-Service (SaaS) applications delivered over the internet. 

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