Request for remote authentication in Banking

Up 17 percent in February

Consumers, especially in the banking, financial, insurance and telecommunications sectors, now prefer to be customers of the institutions they receive service from, remotely and digitally, completing their processes in this way, without going to physical branches. In this direction, the market for Remote Authentication (KYC) is growing both in our country and in the world. Looking at the report published by the Banks Association of Turkey in the field of banking, where reliable data can be consulted in the focus of KYC; While the number of remote applications to banks in Turkey in January 2022 was 389 thousand, it appears that from February 2022 the number of remote applications has increased by 17 percent to 455 thousand.

According to the “Identity Verification (IDV) Market & Technology Analysis & Forecasts 2021-2026” report published by Goode Intelligence, the third-party authentication market is expected to grow by 22 percent, reaching more than $17 billion by 2026. The report also indicates that the number of remote authentication transactions, which was 1.1 billion in 2021, will triple to 3.8 billion by 2026.

The report, which contains key findings on the future of eKYC technology, shows that the rapidly evolving digitalization process and rising consumer expectations after the pandemic have made these technologies an indispensable standard for almost every industry, such as banking, finance, insurance , telecommunications, automotive , e-commerce and gaming. Experts attribute the rapid adaptation of these technologies to life with the emergence of brand new business models as a necessity, hence they predict that the expectations and value of the market will increase in the future.

In February 2022, the number of remote applications from banks increased to 455,000.

Looking at the “Customer Acquisition through External and Other Channels” report published by the Banks Association of Turkey, the number of remote applications from banks in Turkey in January 2022 is 389 thousand, and the number of third-party customer acquisitions concluded with customer representatives is 114 thousand. As of February 2022, the number of remote applications increased by 17 percent to 455,000 and the number of remote customer acquisition transactions concluded with a customer representative reached 136 thousand.

eKYC technologies are integrated into the lifestream and usage is increasing

Ali Haydar Ünsal, Turkey General Manager of Identify, the leading KYC technology company that brought to Turkey the success it achieved in eKYC in Europe. In his statement, “eKYC technologies have now been irreversibly integrated into the flow of life at the last minute and the field of use continues to evolve. Now is the time to discuss more visionary approaches, such as how to expand the use areas of these technologies. and in which sectors they can be integrated. As the Identify team, we are working on KYC integration across many industries. The data on KYC announced by the TBB clearly shows the motivation of the Turkish population to be digital customers at a distance. While companies used to develop technology to direct their customers to a territory, today’s consumers, aware of the ease of world conditions and the wind of digitalization, are shaping the customer experience journey from a common perspective with businesses. Currently, as a company providing leading technologies in its field, we help organizations in need of KYC solutions to create a happier and smoother customer experience by facilitating their business processes. In Germany, for example, we can currently remotely verify a customer ID in 2 and a half minutes and achieve a conversion rate of up to 85 percent. While the success rate in Germany is around 60 percent, our success rate as Identity is around 85 percent. The secret of our success comes from our experience and technological competence in this field.

Source: (BHA) – Beyaz News Agency