Abstract
Blockchain has emerged as a technology with the potential to innovate business processes. The potential benefits of this technology have attracted the attention of banks. In particular, banks are interested in redesigning compliance processes to reduce costs and risks. One of the most crucial compliance processes is that of the Know-Your-Customer (KYC) process. The KYC process serves to ensure that banks assess the risk of doing business with a client and adopt appropriate mitigation strategies. The KYC process is mandatory, expensive, reduces customer satisfaction, and does not add value to the banks. Therefore, banks seek to use technologies to redesign the KYC process. In recent years, blockchain technology has been considered for the redesign of the KYC process. However, history has taught us that merely substituting existing technology has limited value. Rather, it is necessary to use the capabilities of new technologies, such as blockchain, to enable redesign of the KYC process. In this paper, we examine how blockchain technology can enable the redesign of the Know-Your-Customer (KYC) process. To this end, we conduct a case study and discuss how the capabilities of blockchain technology can enable banks to redesign their KYC processes.
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