Over the past few years, the world has witnessed the development of eKYC in all economic activities, especially in the banking industry. Online customer identification - eKYC (electronic Know Your Customer) - is said to be the first brick for the digital transformation process of banks.
Facial recognition is increasingly popular, starting with its use case in Face ID on smartphones. Many banks have been taking advantage of its convenience and personalization when using it in a wide range of customer services.
Covid-19 pandemic is a health crisis, as well as a shock to the global economy. In that situation, banks have to change business activities to strongly go through the difficult period.
In the 3rd quarter of 2020, McKinsey released the latest report on AI around the world. The report is worth notice due to a deep understanding of businesses pioneering applying AI to boost revenue and the positive results they have achieved.
In the field of Finance - Banking - Insurance, many important processes are still being conducted on papers. However, large businesses have made some significant moves in digitization to prepare for breakthroughs and automation in the next few years by applying Artificial Intelligence (AI) solutions.
After applying electronic Know Your Customer (eKYC) for online account opening service for 2 months, the percentage of new customers opening new accounts at some banks soared. This solution is contributing to the change in customer behavior from transactions at banks to online transactions.
IDC forecasts that spending on AI solutions will increase to $97.9 billion by 2023, twice as much as the expense in 2019. 73% of CEOs believe AI is vital to their business currently.
The Covid-19 pandemic has changed many business activities. Some sectors such as tourism and aviation have difficulty due to a sharp drop in demand when the Retail, Finance - Banking industry, etc. have a concern about a completely different problem. These enterprises have to flexibly change their operation to meet the increasing needs of customers, especially in the online environment.
AI-powered technology solutions allow many contactless activities. Especially in the recession, AI is an outstanding technology, promising to help eliminate the influence of this pandemic on the global economy.