BlockChain Technology: Currently, many banks and financial services companies are pushing authorities and their respective regulators to approve integration of FinTech products with their business operations. Banks and financial sector considers that this will not allow them to flex their online services but also allow them to adopt stricter measures to clamp down on identity theft cases, digital scams, and online frauds. KYC for Banks offered as an ID verification service is one of the most promising fintech product that can help banks and financial world to track down users with unauthorized access and fake credentials. Many KYC service provider has launched a number of a KYC process flow to fight off online scams and identify users with fake credentials. But, now there are
BlockChain Technology – Future of Know Your Customer
But, providing KYC information to a 3rd party vendor was always considered an issue for data security and conflicted with larger compliance, especially with regulations like GDPR making banks liable to millions of dollars in regulatory penalties, in case of a data breach. But identity verification services have found a technological advancement that can safeguard KYC for Banks solutions from any regulatory scrutiny.
ID Verification with Blockchain
As we all know that most common KYC process steps involve ID verification, mostly asking banking customers to show their original identity documents for KYC verification. With the help of innovative technology such as blockchain, all this confidential information can be secured into a centralized database that is impossible to breach by even the most brute digital force.
According to a recently conducted survey, 88% of innovators working in the Fintech industry believe that blockchain will be working at the backbone of fintech products by the year 2020. It means that KYC for banks solution is expected to get a lot more secure for banking customers. ID verification service built upon blockchain will provide greater control to banking customers over the personal data of their customers. With only a handful of users with access to collected customer information, advantages of KYC just become a lot more attractive.
A Reliable ID Verification Service
Now KYC requirements for corporates might not sit well with a KYC service provider offering ID verification and identity verification services based upon blockchain. This is when Shufti Pro can be trusted to provide the most secure KYC for banks solution. Shufti Pro not only has a large set of KYC process steps built upon Artificial Intelligence but has airtight data protection protocols put in place as we understand why KYC is important for banks and financial businesses.
Shufti Pro offers identity verification services such as facial verification, document verification, address verification, ID verification, 2-factor authentication, and even AML background checks. Shufti Pro is fully compliant with GDPR and is even properly certified with PCI ensuring that all the personal and financial information collected from end-users for ID verification is transmitted and stored without any threat of data hacking. With proof of verification available in Shufti Pro Back Office for KYC for banks, all the collected information will be easily accessible by banking executives as well.
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