Learn how easy it is to use decentralized identity to transform KYC, customer onboarding, and account management in banking with Indicio Proven®.
By Tim Spring
Indicio has a new demonstration of how you can use verifiable credentials for reusable KYC, and bank account authentication for passwordless login — and it’s really easy!
The demonstration is from the perspective of a bank working with a customer to open an account. It starts with collecting the required personal information to open a bank account (aka KYC — know your customer). Assuming this has been assessed by the bank as being accurate, the customer is sent a QR code to establish a secure, direct communications channel for accepting and receiving a KYC credential, which they store in a digital wallet (in this case, Indicio’s Holdr+ wallet).
Because the source of the credential can be cryptographically verified and the KYC information can be shown to have not been altered, the credential can be reused to share this information.
For example, other bank departments or other institutions, such as insurance companies, can use this credential to avoid re-doing the same KYC. Verifying the information is very simple. The customer scans a QR code to present the credential, and the verifying software on the financial institution’s side verifies its source and that it has not been tampered with.
The customer can also use the credential for passwordless login to their bank account. Rather than messing with passwords and two-factor authentication, you can simply scan a QR code to present your account credential to the bank, and you will be instantly authenticated and granted access to your account.
This is a game changer for banking and finance. One of the biggest reasons that customers give up is long and frustrating processes, and now, with a simple scan, you can keep your customers happy and coming back for more.
If you have questions about how verifiable credentials can simplify processes for your organization please contact the Indicio team and our industry veterans will be happy to help.
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