{"id":20762,"date":"2021-10-28T04:53:20","date_gmt":"2021-10-28T04:53:20","guid":{"rendered":"https:\/\/finbraine.com\/?p=20762"},"modified":"2024-08-30T10:44:47","modified_gmt":"2024-08-30T10:44:47","slug":"the-ekyc-imperative-streamlining-customer-onboarding-commanding-aml-compliance-in-banking","status":"publish","type":"post","link":"https:\/\/finbraine.com\/fr\/the-ekyc-imperative-streamlining-customer-onboarding-commanding-aml-compliance-in-banking\/","title":{"rendered":"The eKYC Imperative: Streamlining Customer Onboarding & Commanding AML Compliance in Banking"},"content":{"rendered":"
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The eKYC Imperative: Streamlining Customer Onboarding & Commanding AML Compliance in Banking<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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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.<\/p>

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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?<\/p>

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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.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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eKYC and AML Solutions Aren\u2019t Unheard, but More Meaningful Now <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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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>

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By streamlining the above process, institutions can also achieve readiness for their<\/p>


Compliance with AML (Anti-Money Laundering) Guidelines.<\/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>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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AML is an important part of banking, with it being further classified into:<\/span><\/p>

  1. Know Your Customer (KYC) anti-money laundering<\/span><\/li>
  2. Customer Due Diligence (CDD)<\/span><\/li>
  3. Customer and Transaction Screening\u00a0<\/span><\/li>
  4. Suspicious Transaction Reporting<\/span><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    eKYC Can Help Prevent Pitfalls and Curtail Operational Costs\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Financial Institutions spend about \u20ac100 billion annually on compliances. This, according to the European Banking Federation (EBF).<\/span><\/p>

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    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.\u00a0<\/span><\/p>

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    A robust and streamlined eKYC process can help with<\/span><\/p>

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