Importance Of Mobile KYC In The Digital World

22 Apr 2021

Mobile KYC is another leading transformation that is taking place in the digital world. It is another digital verification method that all businesses organisations use to verify the identity of their users. As there are millions of smartphone users in the present times, the significance of the mobile KYC process is increasing day by day to ensure security from scams. With the help of mobile KYC, businesses can enhance their customer reach without jeopardising their reliability or profitability.

Importance of mobile KYC in the digital world

Every reputed company across the globe prefers doing business only after the proper verification of their customers in the present times. This method of verification is normally known as KYC (Know Your Customer). Mobile KYC is a kind of verification that is done via mobile devices and is the most preferred mode of verification in the present times.

Mobile KYC is different sectors

Several industries are adopting this method due to the convenience and security they offer. Mentioned below are a few sectors that have adopted mobile KYC and why they did so.

• Mobile KYC for the banking sector

The KYC for banks, with the help of a mobile device, is becoming more and more popular in the present times. The main reason for this widespread popularity is the ease of operations that comes with the usage of KYC online verification through mobiles.

Banks can now easily authenticate their customers for the new account opening, older transactions, and many other diverse operations at any time without requiring physical presence at the banks. Mobile KYC assists the banking industry in performing a biometric verification excluding all human validation, making it more appealing for banks across the globe to adopt this process.

• Mobile KYC usage in the eCommerce sector

While all the businesses, be it small or big, have come to an eCommerce platform to sell their goods and services online, more number of people are nowadays using their mobile phones for carrying out all their eCommerce activities. In fact, the share of eCommerce sales through mobile phones is bound to increase by 72.9% in 2021.

Hence, this industry saw mobile as the most significant way of customer verification and adopted the practice of mobile KYC. When the customer visits any online eCommerce portal, they undergo this process. Aside from making it convenient to verify customer information, the mobile KYC process has assisted the eCommerce industry in limiting fraudulent activities most efficiently. Therefore, more eCommerce websites are adopting this method for increased protection.

The increase in the adoption of mobile technology has made several businesses reconsider their KYC process and adopt the usage of Mobile KYC for verifying their customer information. Apart from the seamless client verification, this process can also assist you in safeguarding your business online. Accura Scan is a prominent online authentication technology organisation that offers some of the best identity verification and mobile KYC solutions that are extremely effective and easy to integrate. Reach out to Accura Scan today at connect@accurascan.com.