The global eKYC market will reach $2.44 billion by 2030!
The above statistic makes sense as the importance of eKYC verification is growing by the day! This is because of the fraudsters and their new ways of attacking and entering the system.
There have been many trends for improving these situations along with the eKYC experience of your customers and business. But what's been cooking up in 2024?
In this blog post, you will explore the latest eKYC verification trends to expect in 2024:
- All-in-one eKYC solution
- Biometric authentication
- Confidence score measurement
- Digital onboarding as a service
- Document-free verification will be the next big thing
- Enhanced automation and AI
- Focus on anti-money laundering (AML) and counter-terrorist financing (CTF)
- Global convergence of KYC standards
- Real-time KYC and transaction monitoring
- Rise of open KYC
Let’s begin, and explore each trend one by one!
Top trends to expect in eKYC verification in 2024
There are many eKYC verification trends that you will see in 2024. But, the key trends that are doing rounds are stated below.
The eKYC verification online trends include:
All-in-one eKYC solution
This trend has come to light due to the advanced eKYC solutions emerging into the financial market.
An all-in-one eKYC solution can offer every service needed in an eKYC solution, amalgamated into one unified solution.
The services can range from:
- Identity checks
- Face verification
- Fraud detection
- Document verification
- Address verification
- Nationality verification
- Age verification
- AML screening
- Transaction monitoring
- Due diligence
- Two-factor authentication & more
Biometric authentication
Biometric authentication is an essential trend as it is the ultimate for ensuring security.
With this feature, you can scan the user’s fingerprint and other physical attributes to ensure that only he can enter his profile.
Plus, the advanced form of biometric authentication is liveness detection. This feature captures live selfie videos/images and cross-checks customer identities in a near real-time manner.
Hence, biometric verifications are considered the best feature of an eKYC solution. And are leveraged by many successful businesses.
Confidence score measurement
The confidence score is an adjustable mechanism that allows businesses like yours to determine what level of accuracy they need in the KYC verification process.
For example;
- You set the confidence score to 80.
- The face verification matches the user’s face with his ID to almost 80%.
- His profile will pass and the user will be onboarded into your platform.
This feature gives you a free hand to ensure your customer’s onboarding experience is smooth and effective. Plus, your business does not end up onboarding fake identities due to spoofs.
It’s an eKYC trend in 2024 for a reason!
Digital onboarding as a service
SaaS versions of eKYC software solutions can make it easy for even small business owners to have a tight secure digital onboarding in their platform.
Digital onboarding as a service is an affordable and effective cloud-based solution. Here;
- You pay only for what you use (no. of transactions)
- Launch faster into the market
- Access cutting-edge technology at less cost
This trend makes the eKYC process affordable and accessible to every business that needs secure customer onboarding.
Document-free verification will be the next big thing
Document-free verification is a dream for both your customers and your business. And this trend being here is proof that it's possible.
Various features offered by e-KYC solution providers offer document-free verification in one way or another.
For example, face verification recognizes user identity with facial features.
Another instance is; global database verifications like AML screening that can automatically verify user identity through AI checks against global databases.
So, this trend is here to stay!
Enhanced automation and AI
The top eKYC solutions today focus on automation. The reason is how fast, secure and seamless it makes the identity verification process.
And with the emergence of AI in the equation, the automated identity verification processes have become even more filtered and of better quality.
AI with automation can automate;
- Document & face scans
- Data extraction (OCR technology)
- Identity checks against global databases
The major benefits of AI-powered eKYC implementation are;
- Reduced manual processes
- Minimized associated costs
- Advanced fraud prevention & detection
- Reduced spoof attacks
- Improved customer experience
- Automated compliance checks
- Real-time verifications & more
Focus on anti-money laundering (AML) and counter-terrorist financing (CTF)
In 2024, the majority of the business would focus on AML and CTF to make their businesses extremely secure & reliable.
AML and CTF efforts are possible by leveraging artificial intelligence and analytics where you can identify even the most complex fraud attacks and suspicious activities.
This way, you will be able to combat every fraud risk or security breach coming your way. Also, keep your business & customers safe and boost customer satisfaction at all times.
Global convergence of KYC standards
Imagine a scenario where KYC standards are similar in every corner of the world. Unimaginable right?
The current KYC standards vary greatly across different rеgions. This can create confusion, inconsistеnciеs, and inеfficiеnciеs in operating across bordеrs.
2024 will see a growing momentum towards global convеrgеncе of KYC standards to shape the future of еKYC the right way.
What’s the point of this global convergence? This trend;
- Promotes consistent customer experiences
- Streamlines cross-border transactions, and
- Facilitates international business operations
To make this convergence possible, international organizations & regulatory bodies are working together. They aim to establish common standards and guidelines for eKYC verification.
Global initiativеs likе thе Financial Stability Board (FSB) KYC Principlеs and thе Intеrnational Organization for Standardization (ISO) 20022 arе driving thе convеrgеncе of KYC standards.
This convergence will enhance regulatory compliance and encourage greater collaboration & data sharing.
Real-time KYC and transaction monitoring
While keeping security at the centre stage, real-time KYC and transaction monitoring will be a bigger trend in eKYC verification.
Real-time KYC allows you to offer near-instant customer onboarding and identity verification, which boosts trust and loyalty in your business.
Transaction monitoring detects suspicious activity from the very beginning & during the transaction. This takes foolproof security to another level leaving no chance of breaches.
So, both the factors combined act as a gold mine.
Rise of open KYC
The concept of open KYC is gaining momentum in the digital times! It allows the sharing of verified customer data among multiple companies.
The aim of this trend is:
- Reduce duplication
- Minimize customer friction, and
- Build a seamless onboarding experience
This is a customer-centric approach where users no longer have to provide the same document multiple times on multiple platforms.
It promotes customer convenience, business efficiency and cost-effectiveness.
How can DigiPay.Guru help in shaping the future of eKYC?
DigiPay.Guru provides a robust eKYC verification solution that aims to make customer onboarding streamlined, efficient, and secure for your business.
To make your KYC verification process quick, secure, reliable, and cost-effective, we offer smart KYC solutions that include document verification, face verification, address verification, AML screening and biometric authentication.
We strive to provide:
- API-driven efficiency
- Enhanced security
- Faster onboardings
- Cost reductions
- Competitive advantage
- Improved regulatory compliance
Conclusion
These identity verification trends will shape eKYC in 2024. If your business focuses on at least one of these trends with full dedication, you are likely to taste success in the long run.
So, without a second thought, give your business a chance to be future-ready and offer your customers everything latest and in line with the 2024 KYC trends.
Besides, you can also opt for an eKYC solution that already focuses on all or majority of these trends - just like DigiPay.Guru. And enjoy the seamless verification & onboarding experience.
