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Why is eKYC essential in the banking industry?

by content 03.08.2020

What is eKYC?

eKYC is electronic Know Your Customer. Since eKYC is integrated with AI and many advanced technologies, it can simplify the customer identification process.

Nowadays, eKYC has been accepted and used by governments in many countries around the world, including Vietnam. In the banking industry, the method of the customer identification process is gradually shifting from offline in transaction offices to online with eKYC.

Why is eKYC essential to banks?

The KYC process includes basic steps such as ID card, face verification, etc. to open a bank account, or verifying documents such as Passport, Household Registration, Utility bill, Labor Contract, etc. as evidence for credit loans. These procedures are necessary to assess and monitor risks, prevent fraud, avoid money laundering activities, terrorist financing, corruption, and illegal income, etc.

Therefore, banks must ensure that the owners open accounts themselves and the person who conducts transactions is the registered one. If customers fail to perform required KYC steps, banks will refuse to open their accounts.

However, a huge limitation of the traditional customer identification method is that customers have to go directly to transaction offices to carry out, collate identification documents. It is cumbersome and time-consuming to move and wait, and quite annoying. The birth of eKYC has solved all these shortcomings of the traditional identification method.

FPT.AI eKYC - accompany banks in digital conversion

eKYC helps banks carry out customer identification online. No need to meet face-to-face, customers can still verify their identity to open accounts and conduct transactions with large sums of money. On just a smartphone with an internet connection, the customer identification process can be done anywhere, anytime. It only takes a few minutes with very simple and understandable actions.

In Vietnam, FPT.AI eKYC is one of the best electronic Know Your Customer solutions on the market at this time. Integrated with many advanced technologies such as Optical Character Recognition (OCR), Face matching, Head-movement detection technology, FPT.AI eKYC creates a complete, confidential customer identification process with above 90% accuracy.

FPT.AI eKYC

Thanks to eKYC, banks can save time, money and human resources for these tasks. Besides, eKYC helps reduce errors in the data entry process and detect fake documents, a difficult job for tellers with naked eyes.

In particular, after the process finishes and accounts are licensed, personal data of customers are automatically saved in the CRM system, ensuring information security and ease of management and access.

eKYC was born from the most essential needs of banks, helping businesses to optimize human resources, reduce costs, and bring a positive experience to retain customers. And FPT.AI eKYC is a close companion that accompanies banks to satisfy fastidious customers in the digital age.

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