10-Feb-2021 | Facts and Factors
Facts and Factors report has published a new report titled “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”. According to the report, the France E-KYC market accounted for USD 12.12 million in 2019 and is expected to reach USD 48.38 million by 2026, growing at a CAGR of around 21.7% between 2020 and 2026.
e- KYC is an electronic method of doing customer validation that is used by various financial institutions and non-financial institutions. It is a mandatory process for the verification and identification of the consumer's identity when an account is created. It is a digital identity that helps financial institutions to improve risk assessment operations, prevents end-user data against cyber-attacks and theft, and effectively manages fraud. The KYC process involves verification of the ID card, verification of documents, face detection such as biometric verification as well as address proof such as rent agreement, utility bills, and so on. In order to limit fraud, banks have made it compulsory to comply with KYC regulations and anti-money laundering rules. Heavy penalties are charged in case of failures. In addition, e-KYC helps banks and other financial firms expand their consumer base at minimum expenses. E-KYC eliminates paper-based documentation processing and the necessity to check the individuality of the account holder.
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
Recently, the digitizing business area to serve shifting consumer preference and improve operational efficiency has become the primary factor that is significantly influencing the need for digitized KYC among banks and financial institutions. Digitization of the banking sector has increased accessibility as well as the value of customers. Moreover, the use of e-wallet solutions, APIs, and personal finance management (PFM) tools have also surged in this region which is aiding the France eKYC market to grow over the past few years. In addition, governments aim to automate all their work procedures and focus entirely on safeguarding digital identity processes and facilitating access to digital services for people. This has influenced companies to enter the French eKYC market. Citing an instance, in July 2020, Jumio, AI-powered identity verification and authentication solutions provider had announced its launch of a French solutions portfolio. The company’s solutions enabled organizations to maintain compliance and onboard customers faster. However, lack of standardization in methods for collecting information from customers and inability to meet stringent requirements regarding the management and storage of data is expected to hamper the eKYC market in France market.
Based on end-user, France E-KYC market is bifurcated into banks, financial institutions, e-payment service providers, telecom companies, government entities, and insurance companies. The increased number of internet users has propelled the number of online banking users. For instance, as per Statista, in 2016, 59% of the French population had used online banking services and 66 percent of the country's total population had used online banking facilities in 2019. Thereby, the rise in online banking services penetration rate in the country has enabled the e-KYC market to grow at a rapid pace. Moreover, it has been estimated that the e-payment service segment will register the highest CAGR during the forecast timeline. As per the survey, more than 80 percent of the population prefers viewing their accounts online or on mobile apps. For instance, The "Ma Banque Crédit Agricole" mobile app was the most used in April 2019 among the banking apps offered by banks or payment departments and represented more than 4.7 million unique visitors. Henceforth, an increase in the number of online payment users in the country is expected to rapidly accelerate the e-KYC market in the upcoming years.
Top Market Players
Major participant operative in the France e-KYC market is IDnow GmbH, Pegasystems Inc., Mitek, Tata Consultancy Services (TCS), Wipro Technologies, Trulioo, Chekk, W2 Global Data Solutions Limited, GB Group, and Onfido amongst others.
The report segment of France E-KYC market as follows:
France E-KYC Market: End-User Segment Analysis
- Financial Institutions
- E-Payment Service Providers
- Telecom Companies
- Government Entities
- Insurance Companies
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