Know Your Customer, or KYC, is a procedure that organisations use when selling goods and services to clients, agents, and merchants. For businesses that offer financial services or payment-based services, such as banks, insurance firms, and export creditors, KYC is now standard practise and is utilised for both regulatory requirements and market segmentation/customer targeting.
In India, KYC became required in 2010, however the RBI had published the requirements far earlier. It was used to confirm a customer's identification by banks, financial institutions, and big businesses offering financial services. The goal of starting this was to stop money laundering in the financial industry.
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e-KYC Market: Segmentation Analysis
e-KYC Market on the basis of Deployment mode
- Cloud- based
- On- premise
e-KYC Market on the basis of deployment mode is segmented into on-premise and cloud-based. The On-Premises segment is expected to lead the market with a great revenue share. It is because of the organization's on-site benefits of using their server to ensure data security.
It is seen that in the forecast period, the cloud will expand at a significant pace, which is because of the SaaS-based e-KYC solution from the company that allows cost-effective access to the cloud-based implementation of the e-KYC solution.
On the basis of End-User
- Banks
- Financial Institutions
- E-Payment service provider
- Telecom companies
- Government entities
- Insurance companies
The bank market segment is projected to be the most significant revenue contributor in the global market for e-KYC and is expected to retain its dominance in the forecast years. Because of the increasing use of e-KYC in order to optimize customer onboarding by validating KYC documents online and the improvement of efficiency payment collections, eliminating documentation in the procedure of loan applications, and the attempt to prevent identity fraud, the bank segment has accounted for the largest revenue share.
On the other hand, the Financial Industry segment had a good market share for e-KYC and is expected to contribute to economic growth during the forecast period due to e-KYC that will contribute to remote client onboarding and effectively prevent compliance and risk evaluation of anti-money laundering conformance and risk evaluation.
On the basis of Product
- Identity Authentication and matching
- Video Verification
- Digital ID Schemes
- Enhanced vs Simplified Due Intelligence
Top Key Players:-
- Acuant
- Au10tix
- GB Group
- Mitek
- Tata Consultancy Services (TCS)
- Trulioo
- Trust Stamp
- EverCompliant
- GIEOM Business Solutions
- 63 moons technologies limited
- Jumio Corporation
- IDnow GmbH
- Onfido
- Financial Software Systems Pvt. Ltd.
- Pegasystems Inc.
- Panamax Inc
- C-Edge
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Frequently Asked Questions (FAQ):
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the E-KYC Market?
- How will the E-KYC Market change in the upcoming six years?
- Which application and product will take a lion’s share of the E-KYC Market?
- What is the E-KYC market drivers and restrictions?
- What will be the CAGR and size of the E-KYC Market throughout the forecast period?
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