Innovation enables change. New technology emerges; new systems are implemented; new ways to monitor, measure, and optimise business are introduced. It sounds idyllic, but in reality it leaves management balancing paper-based legacy systems with a handful of difficult-to-use digital systems, each of which does half of what is needed, and none of which talk to each other.
What happens next? Shortcuts, redundancies, mistakes, and lost opportunities with customers.
In 2020, the Liquidus Identity Master is here and available to help:
Imagine innovative technology helping regulated organisations know more, do more, and sell more, while simultaneously readying their business for the emerging digital economy.
Let’s take a closer look:
For banks, investment firms, insurance companies, trusts, and other organisations operating within a regulated industry, smart data management will make the difference between outdated and outstanding operations.
At a bank, for example, a single customer may have multiple records: a personal checking account, mortgage, line of credit, car loan, credit card, business account, investment accounts, and so on. Their data is split up, separated, and siloed into a series of different systems, departments, and branches. Bank staff cannot see nor access this data in a single system. It’s a data management nightmare that is both riddled with inefficiencies and exposes the organisation to undue risk for compliance issues and data breaches.
These business-as-usual systems lead to:
The Liquidus Identity Master solution tears down data silos and organises customer information into one secure, single source of truth. It provides trusted, accurate, and complete data for a customer experience program, marketing and sales operations, governance efforts, and compliance initiatives. This data is accessed in one system and built on secure blockchain technology, providing unprecedented levels of security, transparency, and control.
With the Identity Master, organisations can derive full business value and gain pivotal insight from existing customer data with:
By creating a single source of truth, the Identity Master eliminates liability risk and increases upselling opportunities. As an example, a customer identity can receive new product emails from the sales team via a CRM while also existing as the beneficial owner of this organisation, or the signatory for that organisation, in Trust Management Software.
The Identity Master maintains that clients are in a constant state of compliance by subscribing to all FATF recommendations and other regulations. Organisations can quickly and easily demonstrate to regulators that they are in complete compliance and obeying all required regulations.
The Identity Master provides regulated organisations a complete, real-time 360-degree view of their customers on a fully digital platform. Data from existing organisational silos are connected to the Identity Master, allowing for full traceability of the customer identity associated with any given transaction record.Financial institutions using #blockchain in #KYC processes could save between $160 mln & $420 mln annually, & reduce the number of employees manually processing these requests by 10-30%. Click To Tweet
A Thomson Reuters report predicts that financial institutions “using blockchain in KYC processes could save between $160 million and $420 million annually, allowing banks to reduce the number of employees manually processing these requests by 10-30%.” Add to that the opportunities provided by the creation of new revenue streams, and the potential reduction in damages due to data security breaches, and you’ve got a truly game changing solution.
As a digital solution, Liquidus enables offline processes and data to move online, improving efficiency and creating a secure digital record with all the native benefits that go along with it, including:
From the CEO to the customer, the Identity Master impacts every stakeholder in a regulated organisation:
In the not-too-distant future, digital identity and customer data will be the new global currency. The reputation of an organisation within a regulated digital economy will either lead to increased or decreased economic exchange. Those that manage digital identities well will thrive. Those that do not will wither.
Reputations will grow from the management and use of our digital identities to provide an exceptional customer experience. From onboarding to the entire lifespan of the customer relationship, it will be the key differentiator of the future.
This digital identity will become ubiquitous and work anywhere and everywhere: online, in person, and across departments and supply chains. Digital identities are the future, and Identity Master will help organisations take a critical step into this new world.
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