Identity Management for Consumers

Identity Management for Consumers

.01 Context

The digital transformation has completely transformed financial transactions by focusing more and more on the natural and legal person. The finance provided by technology therefore requires banks to improve the experience of their customers, businesses and individuals. The first step is to offer a customer knowledge solution, allowing highly secure transactions to be carried out.

.02 Situation

Banks are required to collect audit-proof information for individuals and their beneficial owners and to use this data for risk classification. If the risk incurred by the customer relationship is too high, the bank must reject the customer. World KYC offers a KYC solution in the age of crypto, Fintech and globalization.

.03 Problem

At the risk of losing customers, banks need to think about the customer experience starting with the KYC. They must solve several types of problems, in particular: easy information of the KYC by the customer, flexibility of the KYC, connection of the customer wallet to the compliance system by switch, reduction of the risks of copying of data, sharing of data with other people, respect for privacy, etc. Most importantly, the user must remain the owner of the data provided.

.04 Solution

By registering with WorldKYC, the user in WorldKYC can freely decide what happens to the data and when. Furthermore, he can use his KYC information and documents to re-share this information on demand with other institutions.

.05 Information

Suppose you have created an account with bank A and have provided all the necessary documentation, you can now create a personalized profile as shown:

.06 Functionalities

When sharing your information you can chose a link and QR code or assign any token like a NFC card (see next section) to share that information.

Depending on your preferences you can choose to opt-in whenever someone requests access to that particular profile or choose to provide open access. In the above example you could for instance choose to open your name card profile and choose to secure your bank profile with a PIN the person who wants to see that data needs to enter and protect your health profile with an opt-in, which would then require you to approve every access to that profile. Another option includes that the receiver of the link needs to have a KYC record herself.

All your memberships and profiles can be stored in a single place, which then also puts and end to countless copying and scanning of ID documents and the hussle of updating them when you get a new passport or ID card, etc.

Since the data is provided through linkage and you are in full control of your data, you can also revoke access to that data or completely remove the data from shared profiles. If you want to, as a premium feature, we can also keep track on who accessed that data and from where.

Example name card:

Winstant Galaxy

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