The pandemic has set the wheels of paperless banking in motion, especially in the middle-east. So much so, that people are readily accepting branchless, paperless swipes without having to imagine queuing up at the banks for anything small or big. This adoption of contactless payments and banking continues to redefine the industry — as we transition into the new year and perhaps, the second post-covid era.
Well, that calls for a lot more attention on improving customer experience on one end and strengthening online identity verification, digital onboarding, and fraud prevention on the other – for the banks and financial institutions. We need a much stronger digital ecosystem. How do we achieve that?
In order for the banking and financial institutions to drive and transition through the rapidly changing environments, there is a need to combine innovation, technology, and domain expertise. Before helping you find the right people who could achieve this for you, let us take a quick dive into what this changing landscape expects you to understand.
<h2>eKYC and AML Solutions Aren’t Unheard, but More Meaningful Now </h2>
<p>The eKYC (Know Your Customer) process involves a series of steps for the identification of the customer ranging from personal identification documents, capturing of signatures, a live video of the potential, or returning customers to proof of identity.</p><p> </p><p>By streamlining the above process, institutions can also achieve readiness for their</p><p><br />Compliance with AML (Anti-Money Laundering) Guidelines.</p><p>AML (Anti- Money Laundering) is an umbrella term that includes measures adopted by banks and financial institutions to make their own systems robust against the money laundering opportunities that could have been exploited by various organizations or individuals to convert their illegally obtained money to legal sources.</p><p>AML is an important part of banking, with it being further classified into:</p><ol><li style="font-weight: 400;" aria-level="1">Know Your Customer (KYC) anti-money laundering</li><li style="font-weight: 400;" aria-level="1">Customer Due Diligence (CDD)</li><li style="font-weight: 400;" aria-level="1">Customer and Transaction Screening </li><li style="font-weight: 400;" aria-level="1">Suspicious Transaction Reporting</li></ol>
<h2>eKYC Can Help Prevent Pitfalls and Curtail Operational Costs
Financial Institutions spend about €100 billion annually on compliances. This, according to the European Banking Federation (EBF).
eKYC is fast turning out to be a game-changer for financial institutions- helping them optimize their spending on compliances vis a viz., ROI. It promises more profitability, credibility, and faster turnaround without elevating the operational costs.
A robust and streamlined eKYC process can help with
- Accelerated conversions of potential customers to loyal customers as customers by bringing the processes to the fingertips.
- Delivery of multiple product support without any compromises in customer experience. This also means that Banks can find enough manpower to offer a wider range of products beyond the usual.
- Compliance to AML (anti-money laundering guidelines) in true letter and spirit, especially in the face of the post Pandemic situation.
Find the Right Partner
Banks lose huge revenues due to the complexity of verification processes that further fail to detect false documents. With the constant demand for simplification of banking processes, banks, and financial institutions continue to reel under the dual problems of establishing a powerful and foolproof verification process and delivering the ultimate customer experience with simplified yet stronger and secure interfaces.
Meeting those demands of the fierce markets calls for a partner that understands the problems just as you do, and offers solutions that are designed and seasoned to nail the problems.
Digital Footprint Tracking to Predict Credit Behavior
FinBarine brings a range of intelligent solutions that are powered by AI and ML and designed to address specific KYC and lending management-related problems.
For eKYC, FinBraine brings forward IDBraine – a premier digital solution that makes customer onboarding and identity verification easy, secure, and smart. It is a risk-based solution that ensures a perfect balance of convenience and security, without compromising on identity verification requirements.
Some of the most compelling features of IDBraine include:
- Impersonation Fraud Prevention
- Instant validation and verification
- Instant Data extraction
- Geo-fencing/ restriction
- Geotagging- Residence validation
- Machine learning-based face match validation and liveness detection
- Automated capture of personal information
- The fast and easy credit score system
- Data capture from ID
- Biometric scan
- ID verification
- In-App KYC
- Face match and liveness detection
- AI-based identity and document validation & verification
The Banking sector caters to the largest population in a given country, and it touches several lives. Owing to the large numbers, the risks, compliances, and challenges turn out even larger. In order to meet the demands of the industry and the banking customer landscape, institutions, especially, in rapidly growing economies the financial institutions need to identify partners who deliver excellence at affordable costs. As eKYC becomes the central solution- doing it right becomes paramount. Choose your partner wisely.
This is an area where we can help you with a commitment to competence and excellence. Connect: [email protected]