Why is identity important in financial services? - Decoding: Banks

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

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.

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