Back when everyone wanted long, thick dense hair bun to flaunt their beauty, it was easy for businesses to market a hair oil highlighting the benefits and ingredients. Soon, as times changed, competition increased, the market became consumer centric, it was the time to create differentiation in the product by making the consumer recognize different hair problems.
There is a common thread between academy-award winner, Leonardo Dicaprio and the indispensability of know-your-customer (KYC). For most of you Dicaprio fans out there, you would have guessed it by now, that connection is the blockbuster ‘Catch me if you can(2002)’[1]. Dicaprio portrays a master con artist, who some consider as the best of all-time, Frank Abegnale.
Micro credit is one of those financial offerings which resides at the rare confluence of societal benefit and profit motive. The impact of microcredit availability on self employment, children’s education, sanitation, poverty reduction and women empowerment have been the subject of countless studies.
Indonesia is amidst a digital transformation stage, with many digital businesses booming, especially in the finance sector. However, these efforts are being hindered by a rampant identity theft problem that the nation is facing.
Over the last few decades, volumes of domestic and cross-border data flow have skyrocketed. Predictions from a team of software experts from Techjury estimated that in 2020, each person will generate 1.7 megabytes in just a second. The increase in data volumes, while increasing the efficiency of organizations through real-time decision making has also increased security breaches where consumer data is being exploited for gain.
In ancient history, to be able to establish identity implied you had to recognize the person simply by their appearance. So typically, one actively transacted only with those in the same neighborhood or village. “One of the earliest known references to paperwork that served in a role similar to that of a passport is found in the Hebrew Bible.
Identity verification is the first and significant part of any business transaction. Traditionally, businesses have been relying on tacit agreements and physical copies of Government approved identity documents for stakeholder identification and verification. As the world gets smaller, thanks to digitisation and technological advancements, businesses are presented with a wonderful opportunity of interacting and transacting with individuals in any corner of the world.
Identity verification has progressed drastically with the infusion of technology over a period of time. Currently, identity verification depends on physical and digital proof managed by a central authority which includes verification of valid documents like passport, driver’s license, OTP etc. However, the processes and identity parameters vary from country to country making it extremely difficult to standardise the verification process.
