E-KYC assists in easing customer authentication along with facilitating swift onboarding of SME & retail consumers. Furthermore, it enables seamless digital processing of loan sanctioning and promotes digital lending. In addition to this, E-KYC has helped in expediting online payment activities along with increasing customer acquisition.
The surge in smartphone penetration, favorable legislation, and availability of high-speed 4G internet network facilities in emerging economies such as India has resulted in rising in online banking activities, thereby providing impetus to the growth of the E-KYC industry.
As per recent studies published by Facts & Factors, the e-KYC market is set to expand at a CAGR of 21.7% over 2020-2028 and hit revenue worth nearly USD 1,235 by 2028.
We will discuss some of the behemoth players operating in the E-KYC Industry-
- IDnow GmbH (Germany): The firm was established in 2014, Munich, Germany. It has specialized in video identification for end-users along with e-signatures. Its video identification procedure has been patented in May 2016. Moreover, it offers E-KYC services across different business verticals including telecom firms, fintech, and banks. Moreover, it has renowned clients in Europe and abroad including UBS, N26, Commerzbank, Telefonica, and Sixt neuwagen.
- Pegasystems Inc. (U.S.): It was set up in Cambridge, Massachusetts in the U.S. in 1983. The company develops customer relationship management software. A key product of the firm includes the Pega Platform – a component of the Pega Infinity app suite for robotic process automation & customer engagement process.
- Tata Consultancy Services (India): Founded in Mumbai, Maharashtra in 1968, it offers services in IT, outsourcing, and consulting. Moreover, its other services include cyber security, enterprise solutions, blockchain, cloud, Automation & AI, and quality engineering. The company operates across various industries such as BFSI, Insurance, Public Services, Retail, Education, HiTech, Communications, Media & Technology, Life Sciences & Healthcare, Consumer Goods & Distribution, Energy, Resources, & Utilities, and Travel, Transportation & Hospitality.
- Wipro Technologies (India): It is based in Bangalore, Karnataka in 1999-2000. It offers services in aerospace & defense, education, healthcare, capital markets, automotive, oil & gas, utilities, insurance, consumer electronics, banking, medical devices, communications, pharmaceutical & life sciences, engineering, construction & operations, and industrial & process manufacturing.
- Trulioo (Canada): It is established in Vancouver, Canada in January 2011. Moreover, it offers e-identification solutions and e-address verification for different business verticals as well as for individuals. End-users of Trulioo make use of these e-KYC solutions for verifying the identity of their clients.
- Chekk (Hong Kong): It has been found in Hong Kong in 2013 and provides a strong digital identity & KYC platform for shifting personal data ownership from various business verticals to individuals, thereby benefitting both of them. Reportedly, in December 2021, KPMG France & Chekk declared an alliance for aiding customer on-barding for financial institutes.
- W2 Global Data Solutions Limited (UK): The firm, which was founded in Cardiff, UK, in 2011 offers services such as customer identity verification & anti-money laundering compliance solutions through single access points. Apart from this, it also provides fraud detection solutions to its customers from startups to giant firms.
- GB Group PLC (UK): It was founded in Chester, the UK in 1989 and provides identity verification, fraud detection, and location intelligence solutions. Apart from this, the firm offers software & data to organizations for validating & checking the identity as well as the location of its consumers.
- Onfido (UK): It was established in London, UK in July 2012 by Husayn Kassai, Ruhul Amin, and Eamon Jubbawy. The firm assists businesses to check the identity of individuals through the use of machine learning algorithms and photo-based identity documents.
- Mitek Systems, Inc. (U.S.): It is set up in California in the U.S. in 1986 operating in the online identity verification industry and providing these online photo identity verification services such as passport verification, ID card identification, and driver license identification with help of AI algorithms.
Browse the full “E-KYC Market by End User (Banks, Financial Institutions, E-Payment Service Providers, Telecom Companies, Government Entities, and Insurance Companies): France Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” report at https://www.fnfresearch.com/e-kyc-market