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Is Shareable Identity the Answer to Australia’s Ballooning KYC Burden?
Here's a startling fact: Australians on average have over 40 user accounts that require identity verification through Know Your Customer (KYC) processes. That's a lot of repetitive form filling and document uploading!
As digital services expand and the amendment to the AML/CTF laws increases the number of reporting entities, we're all having to verify our identities over and over again. It's time consuming and frustrating.
But what if you could verify your identity once, and then securely share it with organisations that need to verify you or a business you control? That's the promise of shareable identity.
With shareable identity, you can consent to sharing verified credentials. This eliminates repetitive document upload or submission as a customer and organisations also benefit from streamlined onboarding and reduced fraud risk.
For Australia, shareable identity can help overcome our ballooning KYC burden. It's time to explore frameworks that give Australians control over their digital identity. The future is shareable.
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