Digital Onboarding and KYC Report 2020

Report, published: February 2020

Digital onboarding begins the moment a customer wants to use your products and services and it requires a careful mix of technology and data

But banks and financial institutions don’t always get it right. The first edition of the Digital Onboarding and KYC Report 2020 explores the key challenges in the onboarding process and aims to help businesses navigate the digital onboarding process.

When it comes to customer onboarding in the financial sector, 40% of consumers abandon bank applications before they are complete, according to Signicat. Furthermore, USD 1.45 trillion of the global turnover is lost to financial crime, with bribery, corruption, and money laundering being the top ‘revenue makers’, says Deloitte. However, financial institutions are investing large resources to build robust and comprehensive Know Your Customer (KYC) programmes that comply with regulators and Anti-Money Laundering (AML) laws.

To enable banks and financial institutions to understand better their customers, their financial dealings, and the risk associated with them, the Digital Onboarding and KYC Report 2020’s contributors offer their opinions regarding the following aspects:

  • The anatomy of the digital onboarding process

Experts from Consult Hyperion, ID Crowd, OWI, and not to mention Kaliya Young, leader in the field of Self-Sovereign Identity or Decentralised Identity, delve into what is happening in the customer onboarding process, cross-border digital onboarding, anticipate the future of these processes, and are opened to concepts such as self-sovereign identity and non-conforming identities.

  • Sharing expertise on innovative products and solutions used for digital onboarding

Most often, companies and service providers focus on only one aspect of a customer’s digital lifecycle, whether that is onboarding, validation, or identification, and fail to capitalise on a customer’s full digital engagement potential. Report participants such as HID Global, iDIN, InnoValor/ReadID, Keesing Technologies, LexisNexis Risk Solutions, Signicat, Verimi come up with examples and best practices for outstanding customer experiences at each stage of the digital identity journey.

  • Ways to fighting financial crime with regtech

Analysts predict an increase in client demand for innovative regtech solutions, with a market potential of USD 76.3 bln and USD 10.7 bln in Europe in 2022, according to Deloitte. Innovative companies such as 4Stop, Global Data Consortium, Mitek, Trulioo, Web Shield reveal how artificial intelligence, machine learning, and lately also blockchain, can enable businesses to solve money laundering issues and enhance the customer experience, while improving the security of the onboarding process and reducing compliance costs (as people checking documents and re-entering data can be both expensive as well as error prone).

  • The value behind KYC utilities

By aggregating KYC information in a globally recognised standardised format and providing banks with a centralised database with everything they need, KYC utilities overcome one of the biggest challenges in the compliance space, both for financial institutions and corporates. Either in Europe (Nordic KYC Utility AB), in Africa (Afreximbank’s MANSA Repository Platform), or globally (SWIFT Registry), these registries eliminate the burden of having to deal with multiple sources, contending with outdated data and repetitively reaching out to correspondents.

Besides the editorials, the report displays a second part that includes a comprehensive section of company profiles with details regarding the key player’s core solutions, their business partners, technology, and many others.  

The Digital Onboarding and KYC Report is endorsed by One World Identity and Consult Hyperion, who have always provided their support and joined us in our constant endeavour to depict an insightful picture of the industry.

We greatly appreciate your feedback!

Once you have had a chance to download and start reading our Report, we would be more than happy to receive your opinions and suggestions. Please feel free to drop us a line at any time at


Research Type Overview
Published 25 Feb 2020
Pages 102
File Type PDF
Size 10170kb
Geographic Scope    World
Editions Digital Identity, Security & Online Fraud