We are witnessing an unprecedented increase in regulatory requirements around compliance, especially for Anti-Money Laundering (AML)/Combatting the Financing of Terrorism (CFT) and Know Your Customer (KYC) procedures. The current time consuming and onerous KYC procedures in place are failing under these increasing regulatory demands, as consumers begin to become more and frustrated with the on-boarding experience.
Outdated, laborious and expensive KYC processes, lack of data availability for electronic checks, language barriers, and legal uncertainty are just some of the big problems facing businesses that are required to verify identities.
This is resulting in increased customer attrition, reduced client on boarding and outright exclusion of the digitally unborn.
Customerss are frustrated with the constant need to share the same personal data with multiple companies.
Potential security threats could impact a customer’s decision on data transferring and storage facilities with respect to their KYC documentation.
KnowMeNow is building an autonomous framework that will allow customers to create, and own, their own identity profiles on their smartphones, whilst at the same time allowing regulated businesses to perform inexpensive, permission-based KYC reviews in a much faster, more reliable and compliant manner than ever before using the unique features of the blockchain technology.
A complete and radical transformation of the on boarding journey for the customer and vendor.
Total control over customer data access and ownership will result in greater sense of security and confidence in applying for KYC.
More insight for verifiers through recorded and verified customer profile history will reduce risk and improve compliance.
Higher volumes of transactions, with lesser risk of fraud, will result in increased revenues for vendors.
Vendors will also have the opportunity to capture a percentage of the unbanked market share by finally giving them access to services from which they are currently excluded.