KYC and Securing Personal Information
- TYPE: Combined Session DATE: Thursday, September 20, 2018 TIME: 11:30-12:30 LOCATION: Emerald 3
KYC regulations are daunting for financial institutions, with regulations changing often and penalties for non-compliance rising. The KYC process also frustrates consumers. They're asked to continuously give the same information every time they want to open an account, take out a loan, or start an investment -- and depending on the product they're getting from the bank, validation of their identities can take weeks. Unfortunately, each time a customer provides identity information, there is the potential for fraud, data theft, or just simple administrative errors that cause problems. However, applying blockchain technology changes this equation. Blockchain-based identities can be validated instantaneously with no errors and can be re-used, so the KYC process gets more accurate and becomes a better experience for the customer. This session will explain how blockchain technology works in a KYC context compared to current solutions, and explains how banks and other financial institutions are using blockchain today to validate consumer identities, thereby improving their customers' experiences while also improving their KYC compliance.
The current customer experience for proving identity is poor and creates tons of friction, real people can’t be authenticated, fraudsters drive right through any obstacle erected and finally roughly 30 % of consumers cannot be authenticated due to thin or non-existent credit files. New techniques have arrived that allow anyone, from anywhere to be reliably authenticated in just seconds. Financial inclusion at its best and the finest customer journey available - virtually friction free and fun!
- Registration fee:
- Contact person:
Ms. Lauren Zuber
+49 211 23707725
- Sep 19 - 21, 2018 Seattle, USA