International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
Call for Papers | Fully Refereed | Open Access | Double Blind Peer Reviewed

ISSN: 2319-7064

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Doctoral Thesis | Risk Management | Morocco | Volume 10 Issue 6, June 2021

Digital Identity: The Influence of Digitalization and New Technologies on the Challenge of Balancing the Anti-Financial Crimes Program and Customer Satisfaction in Banking Institutions


Abstract: This paper provides a partial overview of the concept related to digital identity and a summary of its adoption in banking institutions as well as its impact on the challenge balancing the antifinancial crimes program and customer satisfaction. Indeed, many criminal networks make advantage of the global banking system to recycle the products with a criminal source, whether it be human trafficking, drug or arms trafficking, or even money laundering that has been used to finance criminal or terrorist activities, crime monitoring represents a huge global challenge. Since convictions are extremely rare, it is essential to find evidence leading to successful prosecutions. The challenge is huge : limiting financial crimes and fraud, strengthening security and customer-related checks while onboarding them as they should be (optimal experience). The KYC process must obviously be safe and compliant with regulations, the customer welcomed in the best possible way and in compliance with the Morrocan Law n ? 09-08 relating to the protection of personal data. In fact, onboarding customers aims to be efficient, but not hasty : by speeding up procedures or bypassing controls to win a customer, you expose the banking company to a massive sanctions risk and fines in case of non-compliance. The KYC process must also be precise and compliant, but not invasive to customers. Following customer identity verification protocols to the letter without worrying about the target can prove fatal. At each stage, the customer can prefer to stop everything and ultimately join a competitor who can perform these operations more quickly and in a less restrictive manner. Finding new ways to improve the customer experience is therefore vital for financial and banking institutions, and in the current context of digital transformation, digital technology is helping us with innovative solutions.

Keywords: Banking, financial system, Anti Money Laundering, Terrorist Financing, AML, CFT, COVID-19 crisis, Customer satisfaction, Digitalization, new technologies, COVID-19

Edition: Volume 10 Issue 6, June 2021,

Pages: 1328 - 1334

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