Digital services in many sectors such as banking, education and government services need online identity verification. The current process is lengthy and repetitive, for example to open accounts at different banks, users need to repeat the e-KYC process multiple times. Therefore, 30% of the onboardings get abandoned by the users midway through. Fragmented identity systems also prohibit the advancement of financial inclusion, as data is needed to offer suitable services to underserved groups.
My solution is a cryptographic digital ID stored in a mobile phone. It can be verified deterministically, meaning 0% error rate. It improves users? privacy and their onboarding experiences, thus increasing customer retention rate for the service providers
My targeted clients are the financial service providers such as banks and stock exchanges, and also education institutions. In the UK alone, close to 1 million new bank accounts are opened each year, with similar figures to stock brokerage accounts. As the current customer lost rate is 30% during onboarding, there is a large market for digital IDs to fill the gap. Less than 5% of universities in the UK have a digital ID system in place, which will reduce human resource and administration cost.
Kai Jun Eer