{"id":7460,"date":"2020-06-30T04:17:11","date_gmt":"2020-06-30T04:17:11","guid":{"rendered":"https:\/\/innotech-vn.com\/?p=7460"},"modified":"2024-06-04T17:24:31","modified_gmt":"2024-06-04T10:24:31","slug":"8-benefits-of-ekyc-in-digital-onboarding-process-for-banks","status":"publish","type":"post","link":"https:\/\/innotech-vn.com\/vie\/8-benefits-of-ekyc-in-digital-onboarding-process-for-banks\/","title":{"rendered":"8 Benefits Of EKYC In Digital Onboarding Process For Banks"},"content":{"rendered":"
Nowadays, nearly every aspect of our lives is touched by technology, and banks are no exception. Bank customers expect the system to move from traditional, manual to open the fast and digital account. <\/span>There are 8 benefits of eKYC in the digital onboarding process for banks<\/a> that can lead to the below-mentioned:<\/p>\n <\/p>\n <\/p>\n The eKYC service<\/a><\/strong> is completely automated online. This means that KYC data can be transferred in real-time without the need for any manual intervention. The paper-based KYC process<\/strong><\/a> can take days up to weeks to get verified, but the eKYC process takes just a few minutes to verify and issue.<\/span><\/p>\n <\/p>\n <\/p>\n Today’s banks face the pressure to increase their acquisition rates, the digital boarding process is the key to creating sympathy to attract new customers and loyal customer engagement with the bank. According to The Digital Banking Report (2017), there is 43% of those with low levels of satisfaction during the process of opening a new account indicates that they will be sure or able to switch banks because they have to enter information more than once, especially when moving from this channel to another channel, not near real-time and the accuracy is not high.<\/span><\/p>\n <\/p>\n <\/p>\n Therefore, eKYC is one of the optimal solutions to overcome the above limitations. It makes the onboarding process of banks a unique process, no matter how many channels they use, at any time. Guaranteed information is updated and synchronised across channels to assure customers that they have access to the data is always accurate everywhere.<\/span><\/p>\n <\/p>\n <\/p>\n The fact is banks have always been confronted with having to address the loss of revenue due to fraudulent activities. They currently face immense challenges in effectively addressing systematic digital fraud, especially when they have to work with the remnants of old legacy systems.\u00a0<\/span><\/p>\n As banking transactions have shifted onto more digital and mobile platforms, digital onboarding process fraud has emerged to take advantage of the system. As technology advances, banks will have more and more resources that develop in order to help them battle fraudsters such as eKYC in the digital onboarding process for banks<\/strong><\/a>.\u00a0<\/span><\/p>\n <\/p>\n <\/p>\n Instead of only authenticating users at the point of logging into an account, systems continuously monitor accounts and verify that users are not behaving strangely. One way of conceptualizing how continuous authentication might work is through a scoring system \u201cwhich measures how certain it is that the account owner is also the one using the device\u201d.\u00a0 These technologies include OCR<\/a>, facial recognition<\/a>, liveness detection<\/a> v\u00e0 fraud detection<\/a>. This way helps banks increase security for their system and reduce fraud in the digital onboarding process.<\/span><\/p>\n <\/p>\n <\/p>\n In banking, onboarding is the most direct way to illustrate to users the type of customer experience that can be expected at your bank. According to the Signicat report shows (2019) that 40% of consumers abandon banking onboarding processes as a result of the time needed to complete the required steps, or the need to provide too much personal information.<\/span><\/p>\n <\/p>\n <\/p>\n In addition, when asked if a 100% online onboarding process, including identity verification for eKYC<\/strong><\/a>, would encourage more applications, 55% of all respondents said they would be more likely to apply. Over half (52%) would buy additional services if paper-based identity was not needed. It shows that eKYC in the digital onboarding process helps banks to improve customer experience. Consumers want to move to digital,\u00a0 to be able to verify their identity online and accelerate the onboarding process.<\/span><\/p>\n <\/p>\n <\/p>\n1. Instantaneous<\/strong><\/h2>\n
2. Reduced failed client acquisition and acquiring new customers<\/strong><\/h2>\n
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3. Digital onboarding reduces fraud<\/strong>\u00a0<\/span><\/h2>\n
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4. Improve customer experience<\/strong><\/h2>\n
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5. Faster and more flexible access to banking services<\/strong><\/h2>\n