A new client’s onboarding in banking might take days of information gathering, application completion, identity verification, printing or emailing, and waiting for the consumer to sign and return the paperwork. Every day that goes by, increases the likelihood that the consumer may become impatient and discover more rapid competition. Additionally, manual paperwork attracts errors that contribute to costs and delays.

Given that most KYC is registered online and the documents required are also assembled online, verification procedures should be fully digital as well, given the entire digitization of financial instruments and services. The onboarding procedure can now be completed entirely online thanks to changes made by authoritative entities. The eKYC Verification, which speeds processing for a variety of financial services, enables this.

A financial technology company has announced UrGovPH, an open finance solution that will allow local governments to develop digital services across identity, finance, property, and business interaction.

The southern African nations of Lesotho and Namibia have newly begun programs for users to re-register their SIM cards with their biometrics and digital IDs, adding them to the list of newly joined countries adapting to the new norms in Africa. South Africa is also set to schedule biometric SIM registration, with further plans to push ‘ID4Africa’ as a type of incentive-based identity enrollment approach for governments.

Seamless and smooth is the new mantra that every company is trying to achieve in their operation and client’s dealings. Healthcare services are adapting fast to this mantra, and the master card is the new revolution keeping the industry in sync with high user experience through the implementation of ID verification. It’s the digital age; almost everything in this world now operates with the help of AI and its different realms.

The sharing economy is a comparatively recent economic idea, yet it is fast increasing. It’s predicted to reach $335 billion by 2025. eBay was the first widely known sharing economy platform with online P2P buying and selling. After more than two decades of eBay, the sharing economy offers other solutions also, such as ride-sharing, crowdfunding, apartment sharing, and many others.

With an urgent need for the deployment of a new biometric and biographic authenticator at the borders, US officials in departments such as the Department of Homeland Security (DHS), U.S. Customs and Border Protection (CBP) decided to use a Facial Recognition Technology over their Manual ID or Document Verification techniques.

Discussing on the subject of KYC and AML compliance and how it helps keeps risk under control, here is how the new CBDC establishment is to benefit. CBDC’s primary purpose is to provide privacy, transferability, ease, and financial security to individuals and businesses. They also help reduce the expenses of maintaining a complicated financial system, reduce transaction costs, and provide cost-effective money transfer methods.

India’s online gaming industry has witnessed an unprecedented rise even before the pandemic. It is in the world’s top five mobile gaming markets. However, COVID-19 and the following lockdowns saw significant growth in online gaming in India. By September 2020, almost 17% of worldwide downloads, with 7.3 billion installed games in September 2020. India has 400+ online gaming market players and is home to 420 million online gamers, second only to China.

Identity fraud has been a significant threat to businesses. Industries related to finance and financial institutes, tourism, and hospitality are the most affected by this. Although scammers use various methods and tricks for identity theft, synthetic identity is a major concern and is a popular trend amongst fraudsters. Synthetic Identity Theft is a complex form of theft in which the person’s identity is imitated.