Session
Computer Science and Communication Engineering
Description
The digital transformation of the banking industry has ushered in a new era filled with both opportunities and challenges, particularly in the realm of identity verification. This article delves into the development and significance of digital identity verification mechanisms, with a particular emphasis on Know Your Customer (KYC) processes, which are vital for ensuring the security and integrity of financial transactions in the digital age. By conducting a thorough literature review, the article examines how emerging technologies such as machine learning, 5G communication, and blockchain are shaping the future of digital identity verification in banking. It provides practical insights through case studies that demonstrate the implementation of these technologies, revealing their transformative potential as well as the associated challenges. The analysis of findings in relation to the reviewed literature offers a deeper understanding of the real-world implications of digital identity verification technologies. The article outlines the benefits of these technologies, including enhanced security, increased efficiency, and a better customer experience, while also addressing challenges such as security concerns, interoperability issues, and the evolving regulatory landscape. Furthermore, the research underscores the importance of trust, transparency, and userfriendliness in digital identity verification systems. The conclusion points to a promising future for digital identity verification in banking and highlights the need for continuous innovation and adaptation to address emerging challenges. Overall, this article provides a comprehensive overview of the digital identity verification landscape within the banking sector, offering valuable insights for stakeholders, researchers, and policymakers interested in the digital transformation of banking and its implications for identity verification.
Keywords:
First Keyword, Second Keyword, Third Keyword.
Proceedings Editor
Edmond Hajrizi
ISBN
978-9951-982-15-3
Location
UBT Kampus, Lipjan
Start Date
25-10-2024 9:00 AM
End Date
27-10-2024 6:00 PM
DOI
10.33107/ubt-ic.2024.389
Recommended Citation
Tabaku, Eda and Duci, Ejona, "Digital Identity Verification in Finance" (2024). UBT International Conference. 5.
https://knowledgecenter.ubt-uni.net/conference/2024UBTIC/CS/5
Digital Identity Verification in Finance
UBT Kampus, Lipjan
The digital transformation of the banking industry has ushered in a new era filled with both opportunities and challenges, particularly in the realm of identity verification. This article delves into the development and significance of digital identity verification mechanisms, with a particular emphasis on Know Your Customer (KYC) processes, which are vital for ensuring the security and integrity of financial transactions in the digital age. By conducting a thorough literature review, the article examines how emerging technologies such as machine learning, 5G communication, and blockchain are shaping the future of digital identity verification in banking. It provides practical insights through case studies that demonstrate the implementation of these technologies, revealing their transformative potential as well as the associated challenges. The analysis of findings in relation to the reviewed literature offers a deeper understanding of the real-world implications of digital identity verification technologies. The article outlines the benefits of these technologies, including enhanced security, increased efficiency, and a better customer experience, while also addressing challenges such as security concerns, interoperability issues, and the evolving regulatory landscape. Furthermore, the research underscores the importance of trust, transparency, and userfriendliness in digital identity verification systems. The conclusion points to a promising future for digital identity verification in banking and highlights the need for continuous innovation and adaptation to address emerging challenges. Overall, this article provides a comprehensive overview of the digital identity verification landscape within the banking sector, offering valuable insights for stakeholders, researchers, and policymakers interested in the digital transformation of banking and its implications for identity verification.