To make the KYC process easier and more tolerable for consumers, companies can implement several strategies:
1. Automate the Process
Using technologies like AI and machine learning, companies can automate document verification and identity checks, reducing the time it takes to complete KYC. Automated systems can scan documents and photos in seconds, improving efficiency and accuracy.
2. Use Biometric Authentication
Biometrics such as fingerprint scans, facial recognition, or iris scans can simplify KYC by allowing users to authenticate their identities without cumbersome paperwork. Biometrics can be used via smartphones, making the process convenient and secure.