e-KYC: Introduction
e-KYC additionally alluded as electronic, know your client method is predominantly used by the banks and various other monetary institutions. It is a sort of computerized id that help monetary institutions in further developing risk management activities, protect end-client information against theft and cyber assaults, and give compelling fraud management. Aside from this, KYC commands the banks to actually take a look at the character of the individual prior to opening an account. Additionally, e-KYC helps the banks and other monetary enterprises to extend their customer base at minimal costs. Moreover, e-KYC helps in wiping out manual handling of paper documentation and the prerequisite for in-person verifying of the character of the account holder.
Market overview
The development of the market can be credited to the rising interest for the developing requirement for Know Your Customer in legitimate and monetary institutions. Moreover, the surge in reception of digital payment modes; and utilizing progressed investigation for the arrangement of proactive risk alarm will drive the development of the market. Further, the surging usage of e-KYC to empower quicker onboarding in a secured and consistent way will boost the progression of the e-KYC market size in the ensuing years. Likewise, the public authority guidelines prevention of Money Laundering Act in 2003 for forestalling and control tax evasion will further fuel the e-KYC industry growth.
In addition, the growing interest for e-KYC incorporated with trend setting innovations, for example, AI, machine learning, and intelligent automation to more readily battle combat money laundering are expected to drive the development of the e-KYC industry. Alongside, the advantages of e-KYC, for example, general objectives to propel an individual’s admittance to administrations, reduce identify fraud, and increment financial inclusion in banking and monetary situations are positively affecting the development of the market. Moreover, the introduction of AI and machine learning to offer consistent client experience and minimize identify fraud are projected to positively sway the market dynamics over the estimated timeline.
Terrorist financing activities and huge monetary losses in the banking, financial services, and insurance (BFSI) sectors are the factors that are expected to drive the growth of the e-KYC market. In addition, it is also projected that the increase in importance of compliance management and the increase in number of identity-related frauds will also drive the growth of the market.
Additionally, the increase in incidence of cyber-attacks against small and medium-sized enterprises (SMEs) has helped the growth of the market. In addition, increasing adoption of the cloud, increase in internal and external threats, and the Internet of Things (IoT) are some of the factors projected to boost the growth of the target market.Increasing Adoption of Digital Payment Modes
Technological advancement has opened up possibilities for digital currency as well as digital payments from the central bank. If we consider the example of mobile payments, it is seen that mobile payments are becoming increasingly common in India and there is a reduction in the frequency of using cash. Additionally, the market is expected to gain traction in the near future with the onset of connected things, cloud computing, and Artificial Intelligence. The increasing need to reduce the unauthorized use of credentials and reduction in the violation of conduct is likely to pave the way for the e-KYC market to grow over the forecast years.
Economic growth
The Global e-KYC Market size was $12.12 million in 2019, and is expected to reach to a value of more than $64.10 million by 2030, with a growing CAGR (compound annual growth rate) of over 20% during 2022 to 2030.
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Market segmentation: Analysis
The Global e-KYC Market is segmented by end-user, and geographic region.
On the basis of end-user
- Banks
- Financial Institutions
- E-payment Service Providers
- Telecom Companies
- Government Entities
- Insurance Companies.
According to the end-user segmentation, Banking Industry held higher market potential in 2020. It is ascribed to developing reception for e-KYC for digital and remote trade of the customary KYC process and lower cost in an enhanced technique.
On the basis of region – North America (The U.S., Canada), Europe (France, The UK, Spain, Germany, Italy, Rest of Europe), Asia Pacific (China, Japan, India, South, Korea, Southeast Asia, Rest of Asia Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa).
According to the regional segmentation, North America dominates the market with the highest share.
Major players in the Global e-KYC Market are:
- Au10tix
- EverCompliant Ltd
- Mitek Systems, Inc
- Jumio Corporation
- T Stamp Inc
- IDnow GmbH
- Pegasystems Inc.
- Acuant Inc
- GB Group
- 63 Moons Technologies Ltd.
Effect of Covid-19 on the Global e-KYC Market
The recent outbreak of a pandemic, COVID-19, has seriously affected the economies around the world. Significant urban communities went under partial or complete lockdown with activities of businesses temporarily suspended. Because of the fast expansion in the quantity of cases and sometimes no definite way of spreading, numerous banknotes are the principal offenders prompting the untraceable infection spread. The expanded health consciousness among these masses in the wake of the pandemic has made the bank’s currency the focal point of consideration, consequently strengthening the need to the more likely protect payment methods from different expected threats.
Albeit digital payments are helpful to utilize and can actually tackle the spread of infections, truly, they do pose problems and hindrances to section for shoppers who don’t have ledgers and are older.
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