The Difference Between eKYC and Digital Identity
We hear from time to time about ‘digital identity’, which we will need, especially after the Covid-19 world pandemic, where it was recommended not to meet physically. But there is also eKYC, which is a specific process within the broader concept of digital identity, which may sound confusing. Let’s go through the differences between eKYC and digital identity for clarification.
eKYC:
eKYC refers to a digital process used by organizations to verify the identity of individuals via remote. It replaces the traditional, paper-based Know Your Customer (KYC) processes that had been used for customer identification and verification for ages. eKYC leverages digital technologies to collect and authenticate customer information, mostly in real-time, by using digital documents, biometric data, and other verification methods. It is used in various sectors, such as banking, telecommunications, and government services, to streamline customer onboarding, reduce paperwork, and enhance the efficiency of identity verification processes.
Digital Identity:
Digital identity is a broader concept that encompasses the online representation of an individual in the digital world. It includes the collection of personal information, attributes, a
d credentials that uniquely identify an individual in various online services and interactions. Digital identity extends beyond the scope of identity verification processes such as eKYC and includes the overall management, usage, and control of an individual’s online identity across multiple platforms. It involves the establishment of an individual’s digital presence, authentication process, access controls, and privacy considerations in the digital space.
In summary, eKYC is a specific application or process within the digital identity domain. While eKYC focuses on the remote verification of individuals’ identities using digital means, digital identity includes a broader range of aspects related to the online representation, management, and control of an individual’s identity in the digital world.
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