- Trends: What do we look for?
- Technology Trend: Cloud Computing
- Industry Trend: Unbundling of banks – Lending Club
- Regulatory Trend: Deregulation – RBI granting banking licenses
- Industry Trend: Immediate everything – Payments
- Market Trend: Branchless Banking
- Market Trend: New Market Entrants
- Market Trend: Banks Extending Their Reach
- Industry Trend: Bank White-Label Services
- Industry Trend: Dual Strategies
- Societal Trend: Exploding Data
- Technology Trend: Banking API’s
- Market Trend: Digital Natives
- Market Trend: Mobile Adoption
- Technology Trend: Digital KYC
- Potential Technology Trend: Internet of Things
- Industry Trend: The Bank Finds You
- Potential Industry Trend: Mobile Wallets Replace Cards
- Industry Trend: Social & Mobile Payments
- Industry Trend: Virtual Currencies
- Industry Trend: Social Finance
- Technology Trend: Big Data
- Potential Industry Trend: Bank as Data Manager
- Technology Trend: WiFi Availability
- Technology Trend: Fast Cycle of Consumer Technology
- Technology Trend: Biometric Authentication
- Industry Trend: Social Servicing
- Industry Trend: Social Reputations
- Market Trend: Increased Substitution with Capital Markets
- Industry Trend: Aggregator / Comparison Sites
How can digital banks on-board customers without a branch visit?
From Digital Bank by Chris Skinner:
“Danish banks, along with others in the Nordic nations, have focused on using digital identities to avoid having to on-board customers using a traditional paper-based process. “On-board” is the term used by banks to manage the account-opening process and is incredibly difficult due to the regulatory requirements of Know Your Client (KYC). KYC demands that new customers opening accounts at a bank must prove their identity with various documentation, such as a passport or driving license as well as proof of address through official letters sent to them recently at that address, such as a utility bill.
In contrast, digital identities allow customers to be recognized without the need for such physical documentation, and are the likely way in which banks will manage the KYC process in the future.”
And “Jibun Bank and eBank in Japan both accept account opening on the basis of just a photograph of your driving license via mobile. The driving license is read by a character recognition system and checked with the government’s driving database. As long as all is aligned, the account is opened.”
Finextra KYC Exchange builds banking momentum points out another option for acquiring KYC data: “Swiss-based due diligence utility KYC Exchange has signed service contracts with Commerzbank, Société Générale and Standard Chartered for the regular exchange of Know Your Customer data between the banks and their clients.”