Self-Sovereign ID for Onboarding of Financial Services
Financial Services have been a key driver in the growth of Self-Sovereign Identity. The costs of compliance in banking and finance has been astronomical, ever since the banks went online. Every year the loss from online fraud are staggering. Onboarding of Financial Services such as online accounts and exchanges will be a breeze once Self-Sovereign ID is enacted.
The demand for Self-Sovereign ID is in it’s infancy, travel pass health testing data will soon cause a mass adoption. As a result an entirely new industry is starting to take shape. The biggest winner is the Financial Service providers because they have been waiting for this day, when the onboarding of new customers is fast and easy, without as much risk.
source: Merriam Webster
Definition of onboarding
1 : the act or process of orienting and training a new employee … good onboarding leads to higher employee engagement and greater retention rates.— Joyce E. A. Russell
2 : the act or process of familiarizing a new customer with one’s products or services Customer onboarding primarily involves answering customers’ questions and addressing their concerns so they have a smooth, positive experience with your product or service.— Aaron Agius
3 : the act or process of converting data to digital form While many retailers are coming to terms with the need for data onboarding and management, there is still a massive chasm between collecting data and using it to the fullest advantage.— Larisa Bedgood
Self-Sovereign Identity as part of Onboarding
In finance it’s necessary to have English Character names, as global banks primarily operate on the legacy left behind by the British Pound Sterling. Sterling was the global reserve currency when Great Britain ruled the waves and held and Empire upon which the sun never set. All the people of the world desire access to the legacy financial services.
The process of creating individual Self-Sovereign ID, enables all people the opportunity to own their own identity. Once an individual owns their own Self-Sovereign ID, it makes for them the process of onboarding into financial services, as simple as can be. The entire concept if win/win, provided there is product knowledge.
Self-Sovereign ID is the future of Financial Services, the quality and intrinsic value, depends on knowledge of the user.