Digital Identity Verification Sector Spotlight — Fintech

This installment of the sector spotlight series looks into identity verification trends specific to the fintech industry.

The payments industry faces exceptionally high regulation, making practices that enable AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance critical. The growing popularity of crypto wallets and exchanges puts additional regulatory pressure on fintechs.

This spotlight examines the banking industry’s unique challenges around digital identity verification and our outlook for the sector’s future.

Key learnings from this spotlight include:

• Why utilizing data diversity and consortium networks are critical for effective digital identity verification
• How Machine Learning and Artificial Intelligence tools can be properly implemented to ensure transparency and explainability
• What the specific needs of the fintech industry are and the trends that influence them