As cryptocurrencies aim to become mainstream, improving the user experience for know-your-customer (KYC) processes is becoming a top priority. This was a key topic explored in a recent episode of SlateCast featuring Marcus Bengtsson, CMO of digital identity platform Checkin.com.
KYC Friction
Tighter regulation of cryptocurrencies requires stronger KYC measures, but adding friction to the sign-up flow risks dissuading users. Bengtsson explained:
“What’s on the minds of most founders and entrepreneurs right now is how to solve the KYC process.”
He noted that convenient timing and well-designed KYC will be a competitive advantage for companies and products.
“If one product is easier to get verified users, I think a lot of people will choose that product over the other.”
Localization for better CX
An often overlooked aspect of good UX design in KYC systems is thorough localization. This entails offering a variety of languages and showing users the specific type of identity document used in that country.
Bengtsson explained how localization can make KYC easier.
“By showing users real-life documents and guiding them in their local language, we create an almost emotional connection.”
Take advantage of AI advancements
Breakthroughs in AI face matching and document authentication have made fully automated identity verification easier. However, many providers still require a mix of AI and human verification. Bengtsson explained:
“If the system has a good sense of what is real and what is fake, it will allow us to do more automation, which will allow for faster verification.”
While the hype around generative AI dominates the headlines, the rapid innovation of functional AI seems poised to quietly transform mundane yet mission-critical processes like KYC. Ultimately, companies that leverage both localization and cutting-edge AI can deliver the seamless yet powerful verification experience that future cryptocurrency users will demand.
Watch the full episode below:
Disclaimer: This is a podcast sponsored by Checkin.com.
The post Why the Future of Cryptocurrencies Depends on User-Friendly KYC Verification appeared first on CryptoSlate.