ShareRing‘s Financial Services branch is improving its electronic Know Your Customer (eKYC) capabilities to enhance user and institution journeys, a press release reveals.
According to an announcement by ShareRing, these changes were necessary to make the signup process more fluid and to slash time and resources that would otherwise be dispensed by clients and institution’s tellers monitoring compliance.
With ShareRing’s enhancement, the platform dedicated to decentralized identity and self-autonomy of critical personal data will improve the KYC process overall and, most importantly, improve communication between clients and users. Ultimately, ShareRing added that these changes align with their broader goal of making the onboarding and signup process frictionless, helping newbies use their services and take control of their all-important details.
Before these changes were made, new users on registration were redirected to the ShareRing Vault, a non-custodial tool where ShareRing App users can securely store their details without giving up control. However, they had to re-upload the digital copy of their original identities as part of KYC for verification. ShareRing assesses this move as time-consuming and may even discourage new users from completing their registration, lowering onboarding rates.
ShareRing’s Financial Services users can register faster without being redirected to any other portal. During the onboarding process, users have better customization and personalization. For instance, ShareRing has said users could upload as many pages of their documents as required and are free to label them. Additionally, users can print uploaded copies and keep the original and the duplicate. Meanwhile, tellers of subscribed institutions can track registration status in real time. Because there is better control, they can quickly check the validity of uploaded details and ask users to re-upload invalid or outdated documents.
ShareRing further indicated that the first application of these enhancements would be with the Teachers Credit Union (TCU) in the Caribbean following their partnership in June 2021. During the pilot program, the goal was to identify areas that could be effectively filled by blockchain technology. The adoption and pilot program is amid a wave of blockchain adoption and plans by governments, including Barbados and Jamaica, in the Caribbean, to introduce digital identities stored in centralized services. While their benefits are immense, they are custodial and may be open to abuse.
Users of ShareRing financial services will be assured of self-autonomy of their data, knowing they are always in charge of their details. Earlier, ShareRing announced the launch of Skinny ID, a solution to make onboarding to the growing ShareRing ecosystem smooth.