eKYC is here to stay and will improve and grow in the years to come with speedy adoption across multiple segments. According to a report, the global e-KYC market in 2019 was approximately USD 257.23 Million and is anticipated to reach around USD 1,015.36 Million by 2026.

2020 and specifically COVID had a significant impact on eKYC. While some view it as disruption, it has also bought in innovations. Specifically, many more people prefer transacting digitally now and eKYC can make this experience much more simple, secure and seamless for entire ecosystem.

KYC is no longer confined to customer screening only; it now defines the ongoing relationship that customers will have with an organization, helping to build loyalty and trust and is the basis of ongoing collaboration. Having a proper KYC process ensures benefits such as-

  • Establish customer identity.
  • Helps understand the nature of customer’s activities.
  • Assesses money laundering risks
  • Provides protection from frauds

So, here’s how we see KYC panning out:

Initiation/Foundation of relationship between User and Business entities
Increased adoption across segments
Preference for contact less KYC such as Face, Voice, NFC etc
Focus on continuous Digital Profile building through social media, Blockchain and other integrations
Collaboration and sharing of data between entities to make KYC more affordable and fool proof.
This marks an end to our eKYC series. We do look forward to our interactions through blogs on different topics in future.