Why the future of crypto hinges on user-friendly KYC verification Why the future of crypto hinges on user-friendly KYC verification
Checkin.com CMO Marcus Bengtsson tells us how streamlining crypto KYC processes with localization and AI could set industry standards for user experience.
34 min watch
Updated: February 20, 2024 at 10:52 pm
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
As crypto aims to go mainstream, improving user experience around Know Your Customer (KYC) processes is becoming a high priority. This was the key theme explored in a recent episode of SlateCast featuring Marcus Bengtsson, CMO of digital identity platform Checkin.com.
The Friction of KYC
While more robust KYC measures are needed to comply with tightening regulations around crypto, adding friction to sign-up flows risks deterring users. As Bengtsson explained:
“What’s on most founders’ and entrepreneurs’ minds right now is to how to solve the KYC procedure.”
He noted that conveniently timed and well-designed KYC will likely become a competitive advantage for companies and products.
“If one product is easier to get a certified user with them, I think many people would choose that product over the others.”
Localization for Better CX
An often overlooked aspect of good UX design in KYC systems is thorough localization. This entails offering different languages and showing users the specific types of identity documents used in their country.
Bengtsson explained how KYC can be made easier with localization:
“Show the users the documents they actually use and guide them in their local language to create an almost emotional connection.”
Leveraging AI Advancements
Significant advances in AI face-matching and document authentication make fully automated identity verifications more achievable. However, many providers still need a mix of AI and human checks. Bengtsson elaborated:
“If the system is good at seeing what is real and what is fake, then you can allow it to do more of this automation, which will lead to faster verifications.”
While the hype around generative AI grabs headlines, rapid innovations in functional AI seem poised to quietly transform mundane but mission-critical processes like KYC. Ultimately, the companies that leverage both localization and leading-edge AI stand to provide the frictionless yet robust verification experiences that tomorrow’s crypto users will demand.
Watch the full episode below:
Disclaimer: This was a sponsored podcast brought to you by Checkin.com.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Marcus Bengtsson is a crypto enthusiast with 15+ years experience from developing and bringing innovative products to market.
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The first line of code for the Checkin.com framework was written back in 2017.