The dual threats of financial fraud and identity theft require banks to simultaneously comply with multiple regulations around KYC as well as respecting the consumer’s right to privacy. In addition, consumers have to manage multiple passwords and logins while increasingly moving their financial transactions to digital channels.
Fintechs have developed a range of potential solutions that both address the regulatory aspects as well as addressing the security issues around KYC and promoting ease of use. Many of these solutions use mobile as a channel along with the embedded camera technologies while others utilise cutting edge block chai technology.
Here are a few innovations from the Matchi platform: