Is KYC just a compliance issue?
Know Your Customer (KYC) is just not a compliance issue anymore as the organization’s fundamental concerns are on increasing costs and time spent on KYC and customer due diligence. The KYC practice and processes are manual and intensive and require specialized resources.
Those responsible for KYC, example front-line officers, may not fully understand the regulatory requirements or have competing priorities. In return, this will result in the ballooning of staffs required to fill in the gaps caused by inefficiency and the significant rising of training expenditures. Additionally, with the complexities of KYC, the frontline officers get bogged down in complying to the regulatory requirements and the customers get frustrated at the lengthy time spent due to the lengthy onboarding process. Is there a possible solution to these issues and concerns faced by the organizations or businesses? Can digital identity resolve the complexities of KYC?
Visit https://xenchain.io to learn how Xenchain is utilizing blockchain technology to tackle and simplify the gap mention above.