Aidan McCartyCEO, Founder @ Verified ✅ | Top 25, Stanford ’19 | Forbes 30 Under 30 | 1-Click Signup for the world’s best companies

Unum ID - 1-Click KYC Onboarding - Brief Introduction

Name: Unum ID - 1-Click KYC Onboarding - Brief Introduction
Uploaded: 2022-11-17T18:54:34+00:00
Duration: 1 min 31 s
Channel: Aidan McCarty
Description: In this short presentation, Aidan McCarty introduces Unum ID’s reusable digital identity platform that enables one‑click onboarding for fintech services…

17 Nov 2022 · 2 min

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1:31

In this short presentation, Aidan McCarty introduces Unum ID’s reusable digital identity platform that enables one‑click onboarding for fintech services. He outlines the problem of high‑friction KYC processes, which cause a 26% drop‑out rate in user sign‑up flows, and explains how Unum ID’s digital ID card network creates verified credentials bound to a user’s mobile device. These credentials can be instantly presented to any participating fintech (investment platforms, lenders, crypto exchanges), allowing a single‑click signup. The business model involves fintechs paying the credential issuers (KYC vendors, BaaS providers) for access to verified user data, resulting in higher conversion rates. Unum ID currently offers early partners free or subsidized KYC, positioning the solution as a win‑win for both users and fintechs. The pitch ends with a QR code invitation to learn more and join the reusable ID movement.

Chapters

Today I'd like to introduce you to Unum ID. We enable one-click onboarding through the power of reusable digital identity. We understand the difficulties of user onboarding on digital fintech platforms, where even the best players in the industry struggle to streamline the KYC signup process. The number of user interaction steps is simply too high, causing frustrated users to drop out of the signup flow at an average rate of 26%. Limiting the growth potential for fintechs. And that's where Unum ID can help. We dramatically streamline the onboarding process down to a single click, eliminating user friction with an instant onboarding experience. Our one-click signup is powered by our digital ID card network. We work with issuers like KYC vendors and banking as a service providers to generate verified user credentials bound to a user's mobile device. The user can then use their verified credentials to onboard instantly at any of our fintech relying parties, such as investment platforms, lending institutions, or crypto exchanges. These fintechs then pay the issuer for access to that verified user data and enjoy drastically higher conversion rates. Right now, we're offering one-click or free KYC to our early fintech partners in our network, meaning either users can sign up with a single click or UnumID will fully subsidize the KYC costs on the fintech's behalf. Either way, the fintech wins. Learn more about us through our QR code below and join the reusable ID movement today.