The digital passport does not have to be limited to financial information. Once authorization is obtained, medical data such as immunization records and other healthcare information may be uploaded by the client and made available to appropriate organizations such as your doctor or consultant. Consider utilizing the digital passport to register for a new doctor; the endless paperwork may become outdated.
With competition rising in practically all areas of financial services, providing a smooth customer experience should be one of any institution's top goals. The use of technology, particularly blockchain, has the potential to streamline operational processes, improve regulatory governance, and add value for clients in a variety of ways; firms that fail to adapt to these opportunities risk being left behind "says Gareth Lewis, CEO of Delio, a UK-based fintech that helps financial institutions connect their clients with private investment opportunities in a timely, transparent, and compliant manner.
We could deliver a future where banking and financial services and products could be unlocked by enabling quick access to one's digital passport by reimagining the customer experience and the constant requirement for data to be updated and available. Access might be time-limited and restricted to certain locations, ensuring that the client is always in control of their own data and who has access to it.
The technology exists now, and for fintechs whose USP is a technological core, it appears to be a reasonable choice for reimagining the AML-KYC procedure.
The technology exists now, and for fintechs whose USP is a technological core, it appears to be a reasonable choice for redesigning the AML-KYC procedure.
Digital passports ensure more adaptable and convenient to keep records in future,and ensure less hassle for customers too.
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