KUALA LUMPUR, Oct 12 (Bernama) -- Not long ago, people in their forties and fifties might have believed it impossible to transact without a signed paper trail complete with government identification. As a leading blockchain-based eKYC enabled electronic signature solution provider, the team at Signitory has been expecting this shift. That perception is being brushed aside today as more people adopt eKYC based digital signature solutions to ensure commerce and business continuity for ages.
"A vital component of business and finance is the ability to onboard customers through digital means. This technology is called eKYC or electronic Know Your Customer, which is to know your customer's identity and in some cases their financial background before signing contracts," said KC Lai, CEO of Signitory. "It helps bring validation to business, and in future, we see everything from banking to shopping powered by eKYC."
According to
recent reports, banks could save at least $12 million per year by improving their eKYC systems. The cost of not having proper eKYC is an expensive combination of regulatory fines and high customer abandonment rates. A staggering 56% of customers abandon the process when asked to visit a branch face-to-face with their identity card. The younger generation wants a seamless in-app experience. Businesses and financial institutions must respond to these demands or face losing new customers.
Moreover, frequent digital users have matured because they now think critically about data and digital identity protection. They also know that some businesses are exposed to the risk of hacking and fraud online. An ironclad approach is the solution, and a blockchain-based eKYC enabled electronic signature platform like Signitory deserves a place at the table.
Signitory's blockchain-based eKYC enabled electronic signature technology protects consumers and businesses from fraud and identity theft in two ways. First, it verifies identities through a highly secure platform with facial recognition technology tied to an official government-issued identity card. Second, it records the digital signature trail on an immutable ledger. It leaves no room for hackers to alter documentation or financial documents.
A solution like Signitory's opens up possibilities and drives economic growth for all industries. "A shopper can sign invoices without the worry of figures being altered or financial data being compromised. Similarly, businesses can sign contracts with their partners securely, knowing that all proper eKYC measures are in place to prevent identity fraud. All documents signed can never be altered within Signitory' system." said KC Lai.
The future is bright because technology built by Signitory protects the interest of all digital users. The service is free to try, and there are packages available for businesses of all sizes. Businesses curious about their options are encouraged to download the app at
www.signitory.com and explore the suitable packages for their situation.
About Signitory:www.signitory.comSOURCE: Signitory FOR MORE INFORMATION, PLEASE CONTACT:
Website: www.signitory.com Company: Signitory Services Sdn. Bhd.Name: Kee Choi LayEmail for investment opportunities: mico.chan@signitory.comEmail for general inquiries: support@signitory.com--BERNAMA 
