How eKYC in Onboarding Process can be Beneficial for Banks

Banks understand the essentiality of digital technology to maximize their profits, enhance regulatory compliance, and improve customer experience.

Fremont, CA: Today, bank customers want systems to shift to fast and digital accounts. This is vital as it attracts new customers, retains existing ones, and provides an opportunity to build better relationships.

In the digital onboarding process, here are five benefits of eKYC:

Instantaneous

The eKYC service is automated online as the KYC data can be moved in real-time without manual intervention and takes only a few minutes to verify and issue.

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Acquiring New Customers

eKYC makes the onboarding process of banks a unique approach, regardless of the number of channels banks use at any time. Information is updated and synced across channels to ensure that customers have access to accurate data.

Reduce Fraud

eKYC can authenticate users when logging in, regularly monitor accounts, and confirm that users behave normally.

Flexible Access to Banking Services

Banks can use biometrics as eKYC has eliminated direct meetings at the branch. Video conferencing can be used to confirm customer’s identities, reducing the time for the onboarding process, and offering a seamless experience for both banks and customers.

An Innovative and Open-Minded Bank

Innovations in eKYC processes and requirements allow easier identification and verification of customers and citizens, which provides access to and use financial services. Advancement comprises of regulatory adjustments such as value limits, and using electronic documents and signatures to make transactions (eKYC). These allow banks to have a competitive edge against other competitors in the market.

Less Paper Usage and Document Loss

Since eKYC is a paperless system, it allows banks to use a cloud-based online system and be environmentally friendly by minimizing its carbon footprint. It also helps secure customer data, removing the challenge of overloading documents and papers stored in traditional banks.

See also: Top KYC Solution Companies