Know Your Customer
is not only about credentials verification
Immutable anonymized credentials
A typical bank onboarding process costs up to $4000 per new customer.
The #1 reason why banking consumer abandon an online application is because it looks too long to complete
The average financial organization spends $60m annually on basic KYC needs
REUSABLE VERIFIED IDENTITY
When a new account is opened, applicants identity and credentials are verified. This is a long process that users sometimes abandon when they can't see a direct benefit in going through it. However, if a verified information is cryptographically secured and converted into an anonymised proof and can be reused i.e. for accessing services part of the bank ecosystem or to validate the credibility of a profile, then the effort of submitting to verification process may be worthy.
TiiQu offers to Institutions, the ability to create a digital passport for their clients, where verified credentials are stored in the form of anonymized proofs that can't be changed or misused.
Very often, Banks are asked to release attestations that prove a client's identity or address, or that confirm ability to afford a certain purchase, or to repay a loan, eligibility to access a service. Considerable processes are put in place to guarantee clients' data protection.
By using CERTiiF , Banks decrease time consumed in issuing such credentials and validate their veracity and validity when these are presented to third parties. In fact cryptographcially secured proofs issued with CERTiiF do not expose data of clients, recipients can self-verify their veracity and can be reused until expiration.