Why is identity important in financial services? | Decoding: Banks | Episode 5



There are one billion people globally who can’t prove their identity. That’s a big problem for accessing financial services. Banks need to know your identity for a number of reasons. It helps them to combat money laundering, which they spend £28.7bn on every year. So you know they’re not messing around. But why else? What is KYC? And does financial services have an identity problem?

Watch the full series: 11fs.com/decoding

#DecodingBanks #Banking #FinancialServices

In association with Jack Henry Digital, the pioneer of personal digital banking, helping financial institutions strategically differentiate their digital offerings from megabanks, big techs, and fintechs.
Find out more: https://discover.jackhenry.com/digital/


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