KYC DOES NOT NEED TO INHIBIT CUSTOMER SERVICE; IT SHOULD NURTURE IT
Financial institutions are facing increasing demands from regulators in KYC. In turn, customers face increasing requests for data. All these in a siloed fashion, where anyone with more than one banking relationship has to provide the same information several times and banks have to verify data already verified by one or more of their peers. Not any more!
Fides, norbloc’s flagship product, is a revolutionary KYC platform that employs blockchain technology to offer all the benefits of a centralized system in a decentralized architecture. It allows a GDPR compliant sharing of validated customer data and a breakthrough monetization model of the KYC services among financial institutions and other market participants.
Participants are securely connected to the blockchain to read, access or share encrypted KYC data, subject to client’s consent. Data stored in the platform cannot be altered, even by the client himself, without being validated by a registered institution and subsequently shared with all parties having access rights to it
Fides, can achieve savings reaching 50% of current costs for participating institutions, as it streamlines and removes the duplication in the KYC process, while it also enormously enhances the customer service, speed and experience offered to end-clients