KYC (Know Your Customer) is one of the important pillars in the financial business. However, customer data is often inaccurate because e.g. Banks can only update the customer data to the latest only if customers come to branches that are now very rare in today’s technological era.
On the other hand, customers are also entitled to data protection. Lots of misuse of customer data especially for fraud, scamming, internet / phone marketing, which is very worrying at this time. The customers deserve the right to refuse the use of its data for any kind of matters that are not useful for them for a sustainable business environment.
LedgerNow provides convenience and flexibility for the banking industry to obtain verified customer data while protecting customer data from malicious actions.
In order to strengthen the validation of customer data, collaboration with third parties as many as possible who also the same data, whole or partiallya, and the systhematic procedure of data conflict can be done by consensus.
So far, banks or financial industries manage their data internally or just collaborate with other in similar industries.
As a matter of fact, there are some more accurate customer data which are saved on non-financial companies’ database is just a data without any added value.
LedgerNow solves this problem. With the digital identity feature, LedgerNow provides the ease integration to both financial industries and non financial industries, to be able to collaborate together. There are some clear rules are needed in this case, which is more transparent and easy, could be implemented progressively. Non-financial industries will certainly get many advantages in doing financial transactions in the future because of the faster to accurate of data held by banks, as well as banks can run KYC Compliance properly.
With transparency and traceability, every customer’s data will be completely validated and verified from the original source.