After 2 months of remote bank account opening for customer using eKYC (electronic Know-Your-Customer) solution, a bank has seen strong increases in the number of new accounts, helping to redirect people from direct transactions at banks to online transactions.
KYC – Know Your Customer is a fundamental requirement for financial institutes, especially when customers want to register a new bank account. Along with technological developments for simplification of procedures and paperwork, making it more convenient for customers, banks across the world are now switching to eKYC (electronic Know Your Customer) with approval from authority agencies.
Instead of the cumbersome traditional Know Your Customer approach where customers need to directly come to banks and provide personal papers, eKYC allows indirect verification via novel technologies like instant personal information verification using central databases, biometrics, AI identification… This has helped financial institutes save considerable time, cost, and human resources for such tasks, as well as improve user experiences in banking.
FPT.AI is currently the leading firm in building and developing eKYC solutions using advanced technologies like Optical Character Recognition, Face matching, and Head-movement detection, bringing about the 90% accurate FPT.AI eKYC solution. In the future, this eKYC application will complete transform the nature of banking, “disrupting” operational procedures and efficiencies.
1. FPT.eKYC helps prevent financial criminals and money laundering
The eKYC procedure includes: ID card verification, face identification, verification of relevant documents like passport, registration book, work contract… and finally biometrics. Thanks to advanced technologies, customers can now complete the aforementioned steps, without having to directly come to banks – all in an accurate, secured, and time-saving manner. Meanwhile, banks can still gather all important customer information for evaluation and risk management, and thus can prevent fraud and avoid money laundering, terrorist sponsoring, illegal incomes, and so on.
2. FPT.eKYC helps save costs and optimize productivity
FPT.eKYC is the perfect digital transformation solution for businesses as it requires no infrastructure investment, maintenance costs, nor technical teams. eKYC can last for decades, helping banks to save time, money, and human resource.
The recent COVID-19 pandemic has led to many “paint points” in business operations: staff reduction, social distancing, business model transformation… Businesses thus need to quickly adapt to the “new reality”, and apply modern technologies to improve work efficiency, break through in customer experience, and increase revenue in mid of this economic depression. With accuracy of up to 90%, FPT.eKYC is can also be easily integrated and scaled, hence is suitable for all business models from simple to complicated.
3. FPT.eKYC helps save time and bring satisfactory customer experiences
After a month of deploying the eKYC solution, TPBank has seen over 30,000 new registrations, which is 85% of customers who opened their bank accounts at counters and LiveBanks. “The number of registration via eKYC has proven positive reception of this new technology. This is quite the good signal for our campaign to accelerate digitalization in their services, to help customer at any time, from anywhere,” said Mr. Nguyen Hung, President of TPBank.
The FPT.eKYC allows customers to perform online verification at all times and all places, without needing to come to banks. Now, customers no longer need to queue, wait, and fill way too many forms and paperwork. Bank services are also much quicker as they are properly classified, thus meeting the correct customer demands with little wait time.
4. FPT.eKYC helps financial institutes understand their customers
The online KYC system enables banks to automatically record customer data into CRM systems and standardize account setup procedures. From customer transaction history, financial institutes can understand their customers better, from that predict and recommends their services, and improve service quality. It can be said that FPT.eKYC has met even the strictest security demands, and is current a reliable partner to many businesses and large finance-banking corporations – both domestically and internationally.
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