Applications of Machine Learning and AI technologies in eKYC tasks are one among many breakthroughs in banks’ journey towards digital transformation and their aims for the complete digitalization of finance-banking services.

According to a report from the State Bank of Vietnam, 94% of banks are starting to research and deploy digital transformation strategies. Among those, 59% has started deployment in reality, and the majority have seen initial changes in data communication channels, procedures, and platforms. In fact, many banks had seek new technological solutions for applications in payment tasks like fingerprint verification, mPOS, QR Code… with eKYC being the most notable.

Thanks to eKYC, customer verification procedures for opening bank accounts, cash withdrawal/deposit at ATMs has been greatly simplified, thus save time, cost, and human resource for banks, at the same time bring satisfactory experiences to customers. Now, verification can be done at any time, from anywhere, with just a mobile device or computer with Internet connection.

Why is eKYC important to banks?

The KYC procedure includes basic steps like ID card verification, face identification… for opening bank accounts, as well as verification of relevant documents like Passport, Family Record Book, Water/Electricity bill, labor contract, and so on, as proofs for credit loans.

These are all essential procedures that help banks to evaluate and monitor risks, as well as prevent frauds, money laundering, terrorism financing, or even detect briberies and illegal incomes. Banks must ensure the identity of bank account owners, and the validity of future transactions. Therefore, if customers do not complete all required KYC verification steps, banks can reject their account opening requests.

However, the traditional KYC method requires customers to directly come to banking transaction office and verify their personal documents, wasting commuting and waiting time. eKYC, however, is the perfect solution to all prominent disadvantages of the traditional KYC.

FPT.AI eKYC – Quick, safe, and effective verification

With just simple actions on an Internet-connected smartphone, customers can now create bank account and do all verifications online. The eKYC system will automatically identify customers’ information and image on personal documents, and compare those to face images to complete the eKYC procedures in just mere minutes.

In Vietnam, FPT.eKYC is one of the best eKYC solutions on the marketing, integrating various advanced technologies like: Optical Character Recognition (OCR), Face matching, and Head-movement detection. FPT.eKYC thus provide a comprehensive and secured KYC procedure with above 90% accuracy.

Thanks to FPT.eKYC, banks can now save time, money, and human resources for customer verification. The technology will also reduce human errors in inputting data and detecting fraudulent documents, which are hard to identify with the naked eyes. Furthermore, upon finishing the KYC procedure and opening their accounts, all customer information will be automatically recorded to the business’s CRM system, which ensures information security, as well as easy management and extraction when required.

eKYC is a solution stemmed from the most essential demands of banks, which can help businesses to optimize human resources, reduce costs, and provide positive customer experiences to maintain loyalty. FPT.eKYC is thus the superior solution that shall accompany banks through their digital transformation journey.

Readers can experience a complete eKYC procedure at https://fpt.ai/ekyc

Thao Chi

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