Process Innovation with Blockchain in Banking - A case study of how Blockchain can change the KYC process in banks.
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Innovation is the key to prosperity in competitive markets, as almost every significant business venture can trace its roots to an original spark of innovation, and on occasion, ground breaking innovation would foster a new way of thinking. Enter Blockchain, an emerging factor contributing to the industry's forced transition into a digital-first age. This thesis aims to uncover how process innovation with Blockchain technology can reinvent KYC processes in the banking industry today. This is as any other topic regarding Blockchain technology, only being approached by industry professionals. Due to its fairly young age, extensive research on Blockchain technology in KYC is sparse. In this thesis the IPO framework is adapted to business process change, in order to identify phases in the banks' KYC process that can be redesigned with the help of Blockchain technology. This thesis will hopefully provide more insight on steps necessary to take in order to successfully implement Blockchain technology in KYC processes in banks.