3. Digital KYC (eKYC)
Allowing customers to complete KYC online through digital channels (eKYC) eliminates the need for physical presence. Customers can upload documents or photos, enabling remote verification via apps or websites. This also allows for faster approvals.
4. Reusable Digital Identities
Creating digital identity wallets allows customers to store their verified personal information and reuse it across platforms. This reduces the need to undergo KYC multiple times for different services, streamlining the process.
5. Tiered KYC
Implementing a tiered KYC system can offer users different levels of service depending on the amount of information they provide. For low-risk customers or smaller transactions, lighter KYC can be sufficient, while more stringent verification can be applied for higher-risk or high-value transactions.