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Digital KYC is here to stay, working hand-in-hand with physical verification to safeguard clients’ access to funds, protecting them against the perilous reality that we face today.
Covid-19 has triggered a shift towards digitization, which aims to improve convenience and innovation. This, however, exposes financial institutions, payment providers, and their end-users to fraudulent activities. We believe that Software-as-a-Service (SaaS) models will soon entirely replace the legacy systems in place, providing speed, comfort, and – most notably – security within the financial services realm.
In order to stay ahead of financial threats, companies must evolve and reinvent themselves by embracing the benefits of SaaS and tools such as digital KYC or eKYC. Single software solutions are no longer capable of providing a broad range of services that protect the well-being of businesses and bridge financial gaps in the long run.
The global pandemic has put financial institutions at risk, with individuals not being able to verify themselves personally. This massive shift has forced software companies to modify and adjust their system to fully maximize the functionalities for the user, while also protecting the well-being of the businesses that cater to their needs.
