Finance and Banking: What is the best eKYC solution?
In the Finance and Banking industry, customers always need to experience good quality services with simplicity and convenience. They are dissatisfied when waiting hours at transaction offices just for simple tasks such as opening or closing an account... eKYC solution was born and laid the first stone of building digital banks, automating the operation of banks and financial institutes.
A study by J.D. Power in February 2020 showed that 31% of account opening was done via websites or mobile apps. This percentage increases from 22% in 2019 - a growth of 50% after only one year.
What is eKYC?
KYC (Know Your Customer) is a legally required customer identification process for many businesses, especially organizations requires tight customer information security such as Finance - Stocks, Banking, Insurance,...
The more superior level of KYC is eKYC. eKYC – electronic Know Your Customer is a process that helps users complete the customer identification process easily by simple manipulation on smartphones or computers, anywhere as long as the Internet connection is available.
The digitalization trend in finance - banking with eKYC
In most markets, especially in Southeast Asia, the cost of maintaining and expanding branches is lacking sustainability due to the conversion to the digital technology of customers. Banks are gradually reducing their size, building their distribution channels through third-party markets (agency banking), or developing modern technology solutions for online services.
Leading banks and financial institutions are currently redesigning customer journeys, focusing on convenience and seamlessness in every transaction. Businesses have integrated various digital solutions into each step of their operations. Especially, eKYC solution is considered to be the most important tool for the customer onboarding process and online account opening.
What is the best eKYC solution on the market at this time?
In Vietnam, FPT.AI eKYC specifically builds a complete customer identification process for the Vietnamese market with multiple levels of security, maximizing convenience for service providers and customers. Why is FPT.AI eKYC the best choice for businesses and large financial corporations in the market today?
Here are the features optimized by FPT.AI for Vietnam market:
- Accept many legal identity documents in Vietnam: ID Card, Driver's License, Passport ...
- Extract information from documents with up to 98% accuracy: Businesses can easily digitize customer data sources with almost absolute accuracy, limiting manual data entry errors.
- Specific, clear and easy-to-follow instructions: The manipulation is shown in detailed, understandable step-by-step instructions. Users who are not familiar with technologies can also complete the process easily.
Especially, FPT.AI eKYC owns the most advanced technology in the market: Liveness Detection - a tool to detect real people. Using the AI system to detect light reflection at points on faces, FPT.AI eKYC has the ability to verify if people standing in front of the screen are real people. This feature is used to prevent fraud risks such as image playback, fake videos, 3D masks, distorted images, printed photos and screenshots, fake eyes photos, etc. Financial institutes and banks can eliminate the risk of treating and sophisticated fraud.
Using the most advanced technologies, FPT.AI eKYC creates a complete, secure customer identification process with almost absolute accuracy. With FPT.AI eKYC, businesses both save time on processing and cut operating costs, employees are freed from repeated manual jobs, and customers can experience quick and seamless service.
Owning eKYC tool, financial and banking businesses can shorten the distance between them and customers, providing a fast, convenient and seamless experience. At the same time, businesses can ensure the safety and confidentiality of customer information, build a strong defense against fraud.