The introduction of mobile technology has revolutionized the digital landscape entirely. Taking into account the rapid advancement in technology that has fueled innovation and strategic direction. The introduction of smartphones has changed our perspective of the internet and how we interact with it. Where each individual device represents a potential gateway to an individual, trailing back to a source of information by the activities performed by a user in general.
The use of smartphones is no longer just a means of digital communication and entertainment, but rather also a medium of trade, global connectivity, and wider level information exchange. All these devices and the corresponding activities create raw data. It is absolutely imperative to establish safer ways to perform mobile transactions and keep data secure through satisfactory Know Your Customer(KYC) measures while maintaining customer experience in check.
The rise of Mobile Solutions in Digital Verification
One needs to consider how society, in general, has contributed to the rise of mobile solutions. There are two important factors here to consider. Firstly, the global adoption of mobile devices that have risen exponentially and secondly, the usability or scope of what can be done with mobile devices from the palm of your hands. The simultaneous rise of mobile user base alongside the increasing tide of digital businesses and financial services account for the rise in mobile solutions.
According to reports, more than 70 percent of European consumers have used mobile devices to conduct transactions of significant monetary value. Shows the dependency and usability factor of handheld devices in crucial areas of our daily devices. Eliminating the need to physically walk into a bank to open an account, transact money, purchase goods and etc. All these activities carried out in the digital space, require some forms of verification in order to address the issues of identity authentications and cyber fraud.
Why Mobile KYC is Important in today’s Landscape
As evident from the global scale of the internet, mobile KYC is important to mitigate the risk associated with digital frauds that surround digital businesses. Considering how businesses are keen to tap into mobile data for identity verification purposes. The passage of time has made clear that mobile businesses are driven by consumer data, and the source of this is emerging trends and growing economies, in addition to practices and preferences from the global mobile audience.
Taking into account how these businesses are molding into the digital landscape, some of these businesses require digital identification solutions, especially payments, and financial services in order to continue transparent operation. To ensure that these businesses balance customer expectations while juggling regulatory compliance requirements. Simply put, if traditional KYC existed for in-person verification why not digital KYC or mobile KYC for non-face-to-face verifications where physical presence is limited.
Considering the growing requirements of digital businesses and the rise of mobile users, it is evident that the future of KYC is mobile id based solutions. The need to meet KYC requirements is not impossible to achieve, where businesses having a mobile strategy early on will have the upper hand.