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Publicação
Drivers and Challenges of Blockchain-Based Know Your Customers (KYC) Adoption For Banks
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| 1.17 MB | Adobe PDF |
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Resumo(s)
Since 2017, banks in different parts of the world have been attempting to integrate blockchain
into their onboarding Know Your Customer (KYC) process, although the results of these
attempts have not been widely presented and discussed publicly. The purpose of this
qualitative research is to provide insights from industry professionals with practical
experience in such integration, to understand the motivations of banks to adopt blockchainbased KYC and the barriers to such adoption, the recent state of adoption of blockchain for
the KYC process in the banking sector, and the professionals' views on the short- and longterm prospects of blockchain application in banking compliance processes. A specific search
of available publications was performed, combining sources from two perspectives:
information systems and the banking industry. The main contributions were analyzed and
systematized using five factors of Roger's 'Diffusion of innovations' theory, to provide the basis
for a semi-structured interview with industry professionals. By examining the factors that have
both positively and negatively impacted the exact projects, sharing experts' opinions on the
importance of certain characteristics of blockchain technology, addressing the possible areas
for technology improvement, and providing an elaborated view of customer and country
specifics in the context of the KYC process, this research also adds value by bringing in business
considerations that accompany the adoption and opens the path for further research focused
on the banking industry's progress in further efforts to adopt blockchain-based KYC.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Data Science and Advanced Analytics, specialization in Business Analytics
Palavras-chave
Blockchain Distributed Ledger Technology Know Your Customer Bank Blockchain Consortium Digital Identity SDG 9 - Industry, innovation and infrastructure