When opening a bank account, there are a few steps to follow. Carry supporting documents, such as payslips and personal ID, to a bank branch. Fill up and sign forms. Have them reviewed by a banking officer, who then verifies your identity—by taking your thumbprints and checking your face against your ID. Over 30 minutes later, you’re an account holder. Applying for a bank loan takes even longer. Sometimes even days.
This is what KYC, or Know-Your-Customer, is.
But what if you could cut down this entire process to mere minutes and do it from anywhere and at any time you like?