# Financial Services
## Indicio simplifies customer account access and allows you to reuse costly KYC information
Indicio uses verifiable credentials to issue decentralized digital identities directly to customers' mobile devices, enabling them to cryptographically prove their identity for account access with a simple tap. These credentials also allow for the secure storage of Know Your Customer (KYC) information in a tamper-proof and verifiable manner, making it trustworthy and reusable across your organization, and with partner organizations.
### For financial institutions
* Increase security with phishing-proof verifiable credentials; unlike passwords or physical keys, these credentials cannot be lost, stolen, or copied.
* Protect yourself from deepfakes and stop fraud with mutual authentication that allows both parties to verify each other’s credentials before exchanging sensitive information.
* Increase efficiency, eliminate the need for password resets, and prevent customers from being locked out due to user error.
* Keep all KYC information in one convenient, immutable place, allowing you to reuse information collected from customers easily across your organization.
* Provide a better customer experience by removing passwords and tedious multi-factor authentication, allowing customers fast and secure access to accounts.
### For customers
* All account access information is stored securely on customers’ phones, removing the need to remember passwords or security questions.
* Store all your KYC documentation in one place and avoid needing to track down physical documents and paperwork.
* Simple, secure, and easy-to-use interface offers fast account setup, easy information retrieval, and reduces the chance of user error.
* Mutual authentication provides a more fool-proof way to ensure that it really is your bank reaching out about your account rather than a fraudster.
## Reusable KYC processes for faster onboarding and compliance.
### Create once, use often
* Record all details needed for customer onboarding and risk assessment KYC credential schemas.
* Source of KYC and integrity of the data is verified through cryptography and digital signatures.
* Credentials can be coded to expire.
* **Reduce fraud**\
Use verifiable credentials for frictionless, mutual authentication before any data is shared. A bank is able to cryptographically authenticate that it is interacting with a real account holder, and the account holder is able to authenticate that he or she is interacting with their bank.
* **Reuse KYC information**\
Credentials can be configured to store the information required for more complex financial transactions and a KYC credential is a way for a bank or its partners to reuse and share this information. If a third party trusts the original bank’s KYC process, they can trust the veracity of the KYC credential.
* **Provide more secure customer access**\
The customer can securely access their account without a username or password.
* **Use as a credit card**\
Credit card information can be put into a verifiable credential; virtual CC numbers can be used; temporary cards for one-time use can be issued as a credential.
* **Reduce the time necessary for larger transactions**\
Credentials remove the need to contact third parties to verify funds.
* **Data sharing**\
Know that any data shared with or between your team can be trusted.
* **Reduce liability**\
The customer can choose to disclose only the information necessary for a transaction, removing the need to securely store or delete customer information.
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