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What is eKYC?

eKYC (Electronic Know Your Customer) is the digital transformation of KYC, enabling businesses to digitize the entire customer identification process based on biometric information, customer identification through artificial intelligence (AI), cross-checking with national database through direct or indirect customer contact.

What Are the Benefits of transitioning from traditional KYC to eKYC?​

In that context, traditional KYC methods are often slower and more complex than other aspects of customer onboarding. Unlike many financial services consumers access day-to-days which are designed for ease and speed – such as online banking or e-commerce – traditional KYC may require significantly more effort from both customer and institution to collate and present documents than to scan, upload, and manually check them.

Therefore, some of the benefits of using eKYC include:

Firstly, eKYC is fast and simple, enhancing the customer experience​

  • Traditional KYC: Customers will need to come directly to the transaction point to fill out forms and present relevant identification documents. This process is often quite complicated and takes a long time, causing unnecessary obstacles for customers.
  • eKYC: Allows customers to perform these operations anytime, anywhere an Internet-connected smartphone or self-service at any store with automatic eKYC equipment. In general, the appearance of eKYC contributes to making account opening and transactions quick, convenient and safe in just a few minutes.

Secondly, eKYC can present significant opportunities for businesses to save time and money​

  • eKYC helps businesses detect real/fake documents and match customers' images with identification documents more effectively than doing it manually with a teller.
  • Facilitates the storage of transaction images, biometric indicators of customers, contributes to facilitating future customer search and verification, limiting cases of online account opening for fraudulent purposes, collusion, or other legal violations.