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: discover.jackhenry.com/digital/
--
For more, SUBSCRIBE to the 11:FS KZbin channel here: bit.ly/KZbinSub11FS
Connect with 11:FS:
Website: 11fs.com/
Twitter: / 11fs
LinkedIn: / 11-fs
Instagram: / 11fsteam
Podcasts: 11fs.com/podcasts
Content hub: 11fs.com/content

[@muskduh]

Thanks for the video.