Meta Description: Businesses are able to detect fraudsters and implement better customer experience with the process of eKYC onboarding eventually leading to a better brand image.
The challenges associated with the global pandemic have given rise to many concerns. With cybercrimes increasing in the world at an alarming rate, businesses want to give their clients a secure customer experience. For this purpose, Know Your Customer (also known as KYC) has gone from the manual process to digital customer onboarding. Fraudsters are finding new techniques to scam people due to which an automated electronic system is required to identify the true identity of customers to minimize human errors and protect the information of the customers more safely. With the eKYC onboarding process, the chances of potential risks for the businesses become less.
Helping Clients and Firms with e-KYC Solutions
Financial Institutions that are dealing with transaction-related activities on a daily basis want to establish certain ways through which customer onboarding could be carried out in a safer way. Companies utilize their resources and time to create such content which could attract as many customers as possible to generate profitable revenues. In helping the clients to figure out better plans for them, the e-KYC solution further refers to checking the authenticity related to their clients. They want to assure the firm that the people, with whom they are dealing are actually the real customers or not before any transaction is made. This step is essential not only for the consumers but also for the organizations to prevent any potential frauds that could damage their financial as well as reputation in the global market.
Online KYC leading towards Swift Customer Onboarding
Many businesses have moved towards the digital way of KYC verification, which is based on artificial intelligence (AI) technology. It can either use the online facial recognition system to detect the facial features of an individual and compare them with information stored in the database, or the remote document verification process in which government-issued documents are checked for authenticity. Another service, known as address verification service, can be used to verify and check the address to minimize address manipulation and helps in creating a swifter online customer onboarding process.
The Beneficial Aspects of e-KYC
Every technology when it arrives in the cyber market has its own benefits and flaws. As the digital identity verification system fulfills the standards of KYC compliance, it can provide numerous advantages to the firm and its clients in different ways which are listed below:
Advantages For Customers
- Online Convenience: The whole process is automated so the verification can be done digitally wherever the customers are sitting in any part of the world. The need to leave their homes and visit an office is not required anymore with e-KYC.
- Fast and Effective Way: With the introduction of Video KYC, the users can upload their information in a video form through which identification is conducted by detecting the facial features. In this way, information is captured at a fast and effective pace.
- Enhance Interest: Moving towards a new concept encourages the clients to increase their interests and novelty which can prove to be beneficial for the society in the future.
Advantages For Organizations
- Reducing Costs: As the whole process works on an automated system, less labor and resources are used, through which businesses are able to cut costs. Workers will not be required to travel to a certain location to perform their tasks so companies can save the travel cost as well.
- Rise of Innovations: In today’s era of digitization, companies need to implement digital ways to attract new customers. The e-verification process enables strengthening organizations in the best way possible.
- Valuable for Micro-businesses: As small-scale industries are working on a small budget and want to attain ways through which more work could be done effectively without using a ton of resources. This process of online KYC verification is extremely valuable for micro-businesses.
- Saving up the time: As clients provide their information online, the system is constantly working to check the documents at a considerably fast pace as compared to the human force which can take a lot of time and can eventually lead them to get tired after some time affecting their work capacity.
Wrapping it Up
With the availability of digital banks around the globe, the implementation of eKYC onboarding has become essential. Forging the documents in different ways by either photoshopping them or by faking the identity of someone else has been vastly widespread in the world at an increasing rate. While every innovation has different impacts on society. What matters the most is how the technology is used by both the customers as well as the businesses. Based on proper KYC regulations, the online verification system can help the firms to establish better relationships with their customers which can further lead to improving their brand image. So the more the customers are satisfied, the better customer onboarding can be established.
