France E-KYC Market to Cross USD 48.38 Million by 2026
Facts and Factors report has published a new report titled “E-KYC Market by End User (Banks, Financial Institutions, E-Payment Service Providers, Telecom Companies, Government Entities, and Insurance Companies): France Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026”. According to the report, the France E-KYC market accounted for USD 12.12 million in 2019 and is expected to reach USD 48.38 million by 2026, growing at a CAGR of around 21.7% between 2020 and 2026.
e- KYC is an electronic method of doing customer validation that is used by various financial institutions and non-financial institutions. It is a mandatory process for the verification and identification of the consumer’s identity when an account is created. It is a digital identity that helps financial institutions to improve risk assessment operations, prevents end-user data against cyber-attacks and theft, and effectively manages fraud. The KYC process involves verification of the ID card, verification of documents, face detection such as biometric verification as well as address proof such as rent agreement, utility bills, and so on. In order to limit fraud, banks have made it compulsory to comply with KYC regulations and anti-money laundering rules. Heavy penalties are charged in case of failures. In addition, e-KYC helps banks and other financial firms expand their consumer base at minimum expenses. E-KYC eliminates paper-based documentation processing and the necessity to check the individuality of the account holder.
..
