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Global KYC/KYB Systems Market 2024-2029: Market Trends & Strategies

Publisher Juniper Research
Published Apr 09, 2024
Length 43 Pages
SKU # JNRH19878211

Description

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.

Table of Contents

43 Pages
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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