KYC means Know Your Customer. Banks have been doing this since their establishment to follow the regulations set by the government. KYC is essential most especially to the central banks because they want to avoid money laundering on their platform. This method gives the organization a series of information about the client to verify their identity such as personal information and source of money.

For some, most probably to the bitcoin community that is used to anonymity, it's such a hassle and it sorts of puts the identification of the users at risk if ever hacking happens. However, it is important to the banks and they are doing this for a purpose. KYC demands transparency to the clients, by obliging them to fill out the forms, it alleviates the risks on legal matters such as tax discrepancies, loans, etc. KYC also is a strong proof of a client's credibility. In addition, by undergoing such a process, there is no other person apart from you that can access your account. Unless of course you've given your personal information or security access to other people and/or you've been baited by a phishing link.

It's just a matter of preference. If you don't want a platform requiring a KYC, then simply don't subscribe or use it. We have different risk appetites. Do what suits you best.