KYC and Securing Personal Information

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.

Key Takeaways:

• How blockchain identity management differs from alternative solutions.
• Ways that financial institutions are using blockchain-based identity to improve KYC and other related processes.
• Impact of blockchain on the overall financial services market, regulatory compliance, and customer experience.

In this session, we will examine use of blockchain tech and smart contracts

• How the blockchain can support identity verification of humans (KYC), objects (KYO) and connected devices (KYD)
• Building a platform-as-a-service offering shared regulatory compliance services for humans, companies, objects, and devices. 
• Enabling development of new apps that need trusted connections between human, corporate, and device identities