Customer Onboarding Solutions
eKYC - Transforming Customer Onboarding
- By Ayman Wasif
- Time 11:19 am
- Date October 27, 2023
Introduction
The Know Your Customer (KYC) process is a foundational element in the financial world, ensuring the secure and proper identification and verification of clients. Traditionally, this has been a manual, paper-driven, and time-consuming affair. However, the advent of eKYC has revolutionized the way banks and financial institutions conduct this essential task. Now, clients can complete this process digitally, right from their computers or smartphones, streamlining the entire customer onboarding experience.
Highlights
- eKYC digitizes customer onboarding, making it fast and hassle-free.
- Advanced OCR and biometrics ensure unmatched verification accuracy.
- eKYC transforms banking, blending speed, security, and convenience.
Challenge
- Manual Onboarding: Previously, customers were required to physically travel to banking locations, fill out multiple paper forms, and provide various identification documents, which was both cumbersome and time-consuming.
- Time Constraints: The traditional process was so lengthy that it often took an entire day or more to complete, causing inconvenience to customers.
- Verification Complications: Manually verifying stacks of documents for each customer was not only labor-intensive for bank employees but also prone to human error.
- Urgency for Digital Transition: The COVID-19 pandemic applied additional pressure, as it necessitated the quick adoption of digital solutions for customer interaction, including the crucial onboarding process.
Solution
eKYC has modernized customer onboarding by digitizing the entire workflow, eliminating the need for in-person visits and physical documentation. Here’s how it works:
Digital Document Submission: Customers can effortlessly upload digital copies of essential identification papers, including their National ID (NID), right from their own devices.
Advanced OCR Technology: To validate the uploaded NID, the system leverages Optical Character Recognition (OCR). This powerful feature is capable of accurately reading and verifying text data in multiple languages, including English and Bangla.
Biometric Verification: For an added layer of security, eKYC incorporates biometric checks such as face and fingerprint matching. This ensures that the person behind the application is genuinely who they claim to be.
Liveliness Checks: Amazon Rekognition, a machine learning solution, carries out liveliness assessments. For instance, it checks for eye blinking to confirm that the customer’s image is not a photograph but a live capture.
Data Encryption and Security: All customer information is securely encrypted and stored in a specific, standardized format. This ensures both the privacy and security of the user’s data, making it easier for banks to stay compliant with legal regulations.
Multi-Step Verification: The eKYC process employs multiple steps of verification to make sure that the provided information is accurate and belongs to the person initiating the process.
By seamlessly integrating these features, eKYC has revolutionized the way banks and financial institutions handle the critical task of customer onboarding, making it faster, safer, and far more convenient for everyone involved.
Benefit
- Convenience for Customers: No more standing in queues or taking day-offs to visit a bank; the onboarding process can be completed from anywhere, as long as you have internet access.
- Speed and Efficiency: Automation speeds up the onboarding process significantly, cutting down the time to just a fraction of what was previously required.
- Robust Security Measures: Multi-step verification processes, data encryption, and machine-learning algorithms make the eKYC system highly secure.
- Digital Transformation: Stored client data can be repurposed for offering additional banking services and products, paving the way for an entirely digital banking experience in the future.
Result
The transformational impact of implementing eKYC is quite evident. Customers can now initiate and complete their relationship with a bank without ever setting foot inside a physical branch.
On the institutional side, the operational efficiencies gained are enormous. Paperwork is minimized, the verification process is quicker and more accurate, and the securely stored client data can be used for a variety of other services, making the system highly efficient and streamlined.
Services we provide
Brain Station 23 is focused on delivering tailored services to meet the unique needs and expectations of their clients. Here we provided Customer Onboarding Solutions to our client.