Using eKYC Onboarding Services For a Healthier Customer Experience

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Managing an international firm with a broad client base has its own set of issues. A fintech or a bank must authenticate an individual or business client using e-KYC solutions before making any onboarding choice, in addition to establishing innovative techniques to add new service consumers. This procedure of verifying a client’s personal and professional qualifications is known as Know Your Customer.

The automated technologies for the internet identification procedure validate every part of the client since businesses can’t be too confident these days due to the prevalence of false IDs and financial crimes. The e-KYC solutions help finance companies in increasing the valid and accurate number of their clients.

What is Online KYC?

Online KYC is simply the process of performing KYC. It is the process through which fintech companies and banks digitally authenticate a customer’s identity and address using authentication methods. EKYC verification is done digitally, with no requirement for physical proof and paperwork.

Benefits of e-KYC?

There are many benefits of online KYC and some of them are listed below:

Paperless:

Opening a bank account has always been difficult for people because they had to sign a pile of documents and submit dozens of attested copies of different documents. The online KYC method saves people from a lot of trouble signing papers and it also helps in conservation.

Cost-Efficient:

While paper expenses are immediately reduced, the resources required to handle the same, like people, inventory, and maintenance, are saved, resulting in huge cost savings in the end. Through eKYC companies save millions of dollars every year.

Prevents Fraud:

It provides a tamper-proof digital document of the concerned user’s identity, hence reducing the possibility of digital fraud. Because the document is paperless, fabrication and manipulation are out of the question.

Services of e-KYC During Customer Onboarding

Different services are used by fintech companies and banks during the onboarding of a new client. Some of the major services provided by the clients are stated below:

Identity Document Verification:

Through this function of digital KYC photographs of identification papers are sent to check their validation; digital KYC solutions, other than a passport or ID card, can authenticate a client through a variety of records such as insurance documentation, driving permits, tax deeds, and many more. The OCR engine accepts the papers supplied during online KYC. The identification credentials from the records are collected and authenticated by online databases authorized by regulatory authorities during an optical scan. The digital KYC solutions validate all of the information, and the findings are displayed in front of banks or finance companies. Document Verification is also used for this purpose.

AML Screening:

During the initial customer authentication, AML verification takes done. To determine the status of an individual or corporate customer, digital KYC solutions obtain validation from AML databases. The verifying party only requires the prospect’s name and birth date for AML verification, and the report is given in no time.

Biometric Verification:

For comprehensive confidence about the customer, e-KYC systems do biometric verification, in which the client uploads a photo after checking the ID certificates, and the system analyses the face for spoofing or cleverly crafted fake pictures. Because they identify natural shift patterns of a face and have (Optical Flow Analysis) technology incorporated into them, digital KYC systems are extremely capable of catching such features.

Age Verification:

The service of validating age in digital KYC systems is beneficial for banks because is important for them to know if the customer is eligible to open an account. The verification technique is almost similar to that of ID document verification; the client gives the same type of certificates, and the OCR technology collects the information for authentication in the same manner. In addition, the client is required to provide a selfie for face confirmation to guarantee that the individual is genuine and not underage.

Video Verification:

A verification agent authenticates the client in a video interview call during Video KYC. The same technologies that are used in biometric screening are utilized in digital KYC solutions. The agent asks a series of questions, and the AI-powered system certifies the client’s identity.

Address Verification:

Address verification is performed in digital KYC solutions to ensure that the address provided by the customer is correct. This service is very useful following client onboarding since businesses such as online shopping, shipping firms, and transportation companies may validate a customer’s address to ensure delivery to their location.

OCR System

Whether it is document verification, age, or address verification, the OCR (Optical Character Recognition) engine is utilized to extract data from screened certificates and reorganize it appropriately. This technique speeds up data validation in digital KYC systems.

Conclusion:

Different types of e-KYC services are used by fintech companies and banks in the onboarding process. The digital KYC helps in making the onboarding process smooth and helps in keeping fraudsters away.

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