eKYC - A breakthrough in the financial technology revolution
Security, speed, and convenience are at the forefront of the financial technology revolution. Thanks to outstanding advantages, eKYC - electronic Know Your Customer becomes more prominent than the traditional Know Your Customer (KYC) process.
Why is eKYC essential in the banking industry?
One of the top criteria for banks to retain customers is to improve service quality and solve all their problems in the most convenient and simple way. eKYC was born and quickly applied in the customer identification process to create great customer experiences.
eKYC - The first "brick" of digital banking
While Internet banking only allows customers to carry out some simple actions such as payment, money transfer, account balance inquiry, etc. digital banks can provide many other online services such as bill payment, credit, online savings, etc.
Facial recognition market is expected to reach $ 22.7 billion by 2027
The Covid-19 pandemic inadvertently opened up a chance for technology companies to develop many biometric solutions and disseminate them in people's daily lives. Besides fingerprint identification, facial recognition technology is attracting the attention and investment of many large companies and corporations around the world.
How eKYC is done in the onboarding process
Many banks around the world and in Vietnam have implemented eKYC (electronic Know Your Customer) in the onboarding process to quickly verify the identities of customers and create a good impression on their customer service.