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Know Your Customer: Balancing innovation and regulation for financial inclusion

by Curran, Edward , Ezhilchelvan, Paul , Horsfall, Dave , van Moorsel, Aad , Coopamootoo, Kovila , Ma, Zhichao , Wu, Han , Spiliotopoulos, Tasos , Ng, Magdalene , Elliott, Karen , Finnigan, Samantha

in Banking / Banks / Consumers / Copyright / Coronaviruses / COVID-19 / Credentials / Customer services / Customers / Decentralization / decentralized identifier / Deployment / digital identity / Disclosure / Economic development / Experts / Feedback / Financial inclusion / Financial services / Innovations / know your customer / Mental disorders / Mental health / Privacy / Prototypes / Qualitative research / Research methodology / selective disclosure / self-sovereign identity / Software / Sovereignty / Technology / verifiable credentials

2022

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Know Your Customer: Balancing innovation and regulation for financial inclusion

by Curran, Edward , Ezhilchelvan, Paul , Horsfall, Dave , van Moorsel, Aad , Coopamootoo, Kovila , Ma, Zhichao , Wu, Han , Spiliotopoulos, Tasos , Ng, Magdalene , Elliott, Karen , Finnigan, Samantha

2022

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Know Your Customer: Balancing innovation and regulation for financial inclusion

by Curran, Edward , Ezhilchelvan, Paul , Horsfall, Dave , van Moorsel, Aad , Coopamootoo, Kovila , Ma, Zhichao , Wu, Han , Spiliotopoulos, Tasos , Ng, Magdalene , Elliott, Karen , Finnigan, Samantha

2022

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Journal Article

Know Your Customer: Balancing innovation and regulation for financial inclusion

Curran, Edward,

Ezhilchelvan, Paul,

Horsfall, Dave,

van Moorsel, Aad,

Coopamootoo, Kovila,

Ma, Zhichao,

Wu, Han,

Spiliotopoulos, Tasos,

Ng, Magdalene,

Elliott, Karen,

Finnigan, Samantha

2022

Overview

Financial inclusion depends on providing adjusted services for citizens with disclosed vulnerabilities. At the same time, the financial industry needs to adhere to a strict regulatory framework, which is often in conflict with the desire for inclusive, adaptive, and privacy-preserving services. In this article we study how this tension impacts the deployment of privacy-sensitive technologies aimed at financial inclusion. We conduct a qualitative study with banking experts to understand their perspectives on service development for financial inclusion. We build and demonstrate a prototype solution based on open source decentralized identifiers and verifiable credentials software and report on feedback from the banking experts on this system. The technology is promising thanks to its selective disclosure of vulnerabilities to the full control of the individual. This supports GDPR requirements, but at the same time, there is a clear tension between introducing these technologies and fulfilling other regulatory requirements, particularly with respect to “Know Your Customer.” We consider the policy implications stemming from these tensions and provide guidelines for the further design of related technologies.

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Publisher

Cambridge University Press

Subject

/ Banks