30-Dec-2020 | Zion Market Research
As per analysts at Zion Market Research, the global e-KYC market is predicted to augment at a CAGR of over 22.05 % during the assessment period from 2020 to 2026. Huge financial losses incurring due to cyber-attack in BFSI sector will create enlarged scope for e-KYC industry over the forecast timeframe. Apparently, e-KYC has met with the success in some of the countries like Estonia and India who have created eID and Uid or Aadhar id for their citizens. For financial institutions such as banks, the e-KYC can enhance the end-user experience and increase the productivity along with improving the risk management activities. For the record, in UK, nearly 25% of physical monetary applications are halted as a result of problems occurring in the process of registration. With launching of e-KYC, it is more likely to effectively streamline the authentication operations in such procedures.
Massive Need To Reduce Human Errors Will Steer e-KYC Market Growth By 2026
Escalating requirement for minimizing manual errors along with enhancing the quality of customer service as well as lowering its costs will result in humungous expansion of e-KYC industry size over the years ahead. For instance, use of Aadhar enabled e-KYC in online registration including e-ITR filing has resulted in increase in the financial accounts from nearly 48 million people in 2016-2017 to 138 million persons during 2017-2018. Apparently, Aadhar UID has helped in the reduction of cost related to verification for KYC for banks & other financial institutes from nearly USD 5 to about USD 0.70 for each customer. All these aspects will steer the market expansion over the forecast timeframe. Furthermore, digital id based KYC is likely to further reduce operational costs of financial institutions, thereby driving the market trends.
With digital ID assisting banks for securing customer information, effectively handling fraud management activities, and improving KYC procedures, it is more likely to result in the humungous business growth over the forecast period.
North American Market Growth To Reach Towering Heights By 2026
The expansion of the industry in the sub-continent over the forecast timeframe is credited to rise in the identity frauds and online data thefts along with cyber & malware attacks in the countries such as the U.S. In addition to this, key presence of reputed players in the sub-continent will pave a way for the regional growth over the assessment timeframe.
Key players profiled in the report include Jumio Corporation, 63 moons technologies limited, GIEOM Business Solutions, Financial Software & Systems Pvt. Ltd., Wipro Technologies, Pegasystems Inc., Onfido, EverCompliant, Tata Consultancy Services (TCS), IDnow GmbH, and Panamax Inc.
Browse the full “E-KYC Market - By End User (Banks, Financial Institutions, E-Payment Service Providers, Telecom Companies, Government Entities, And Insurance Companies): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2016–2026.” Report at https://www.zionmarketresearch.com/report/e-kyc-market
This report segments the e-KYC market as follows:
Global e-KYC Market: By End User Segment Analysis
Global e-KYC Market: Regional Segment Analysis
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