Banks and Digital Privacy: Monetizing “Know Your Customer”

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Banks and Digital Privacy: Monetizing “Know Your Customer”

Article
Posted January 21, 2019 in Business Technology & Digital Transformation Strategies, Data Analytics & Digital Technologies Cutter Business Technology Journal


Banks

In this article, the authors explore how banks could become “identity trust anchors” — and increase revenue as part of the process. Technologies like self-sovereign identity can help with the identity and privacy problem that is ubiquitous on the Web. In fact, KYCaaS (“know your customer” as a service) is a proposed new business model enabled as a new revenue-generating service. This is an interesting look at how fintech technologies, products, and services provide opportunities for companies to profitably commercialize transaction processing.