Re-engineering AML infrastructure: KYC 3.0
Customers are always looking for ways to make their lives easier and more convenient, especially as we are juggling more than ever, and the boundaries between home and work life are blurring.
Situations that require us to verify our identification, such as applying for new financial products, are particularly onerous. However, ‘Digital passports’ containing all a person’s requested ID information, offer a solution to speeding this process up.
Beyond KYC information, these digital identity records could be used to store much more information for a number of uses - from medical data for use by health insurance products to insurance information and an individual’s tax status.
To achieve this vision, we need to build a set of interconnected networks where data can be shared with those with the right permissions in a compliant, safe and secure manner.
Blockchain is re-engineering business processes and systems to enable a secure, trusted environment of data management and sharing between parties in a trusted way. This will allow organisations to exist beyond their current boundaries while improving operating efficiencies.
In this ebook, you will find…
- How to improve the identification procedures
- How blockchain can lower the onboarding time of new customers
- How to lower the vulnerability of your AML infrastructure
- How to leverage blockchain technology for identity management purposes
Download this free ebook and learn how Finboot can help you improve the identification procedures and lower the onboarding time for new customers.