This report examines the KYC/KYB Systems market landscape in detail; assessing market trends and factors shaping the evolution of the rapidly growing market. The report delivers comprehensive analysis of the strategic opportunities for KYC/KYB systems providers; addressing challenges posed by the increase in online financial crime and illicit activities, the development and revision of KYC/KYB laws across key regions, and the many next generation technological approaches used to digitally onboard customers and businesses.
Please note: the online download version of this report is for a global site license.
- 1. Key Takeaways & Strategic Recommendations
- 1.1 Key Takeaways
- 1.2 Strategic Recommendations
- 2. Market Landscape
- 2.1 Introduction
- 2.1.1 The History of Regulatory Frameworks
- Figure 2.1: Basel III Framework
- 2.1.2 The Current KYC Regulatory Landscape
- Figure 2.2: Factors Determining Customers’ Potential Risk Level
- i. KYC (Know Your Customer)
- Figure 2.4: Verification Alternatives to KYC
- iii. KYI (Know Your Investor)
- iv. KYP (Know Your Patient)
- v. KYD (Know Your Data)
- vi. Age Verification
- 2.1.3 Shifting and Emerging Regulatory Landscape
- i. EU – AI Act
- Figure 2.6: Fundamental Aims of the EU’s AI Act
- ii. China – Deepfake Legislation
- Figure 2.7: China’s Deepfake Legislation Requirements
- iii. US – Texas HB (House Bill)
- Figure 2.8: Texas House Bill 1181 Key Developments
- iv. India – Digital KYC
- v. UAE
- 2.2 Key Trends and Driver
- 2.2.1 Combatting Financial Fraud and Corruption
- 2.2.2 Increase in Digital Nomads
- Figure 2.9: Scenarios that Utilise KYC Verification across Various Industries
- 2.2.3 Expansion of Remote Verification
- 2.2.4 Ongoing KYC Processes
- 2.3 Future Outlook
- 2.3.1 Increased Use of Advanced AI and Machine Learning
- 2.3.2 Greater Emphasis on Biometric Verification
- 2.3.3 Blockchain for Immutable Verification Records
- 2.3.4 Adoption of SSI (Self-sovereign Identity) Models
- 3. Digital Onboarding: Verification Technologies
- 3.1 Identification Verification & KYC/KYB Systems
- 3.1.1 Document Verification
- i. Document Scanning
- ii. MRZ (Machine-readable Zones)
- iii. Embedded Chips
- 3.1.2 Document Reading
- 3.1.3 Using Documents for Verification
- i. Photo IDs
- ii. Age Verification
- iii. Linked Biometrics
- 3.2 Database Verification
- 3.2.1 Common Biometrics
- i. Fingerprint
- ii. Facial
- iii. Voice
- iv. Liveness Detection
- v. Deepfake Detection
- vi. Behavioural Biometrics
- 3.2.2 Emerging Biometrics
- i. Iris
- ii. Retina
- iii. Handprint
- iv. Vein Patter Recognition
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