Problems Banks Currently Face in Onboarding

According to a KPMG survey, a tier-one bank could easily spend $100 million per year on client onboarding. Despite the significant investment, this manual method is error-prone, sluggish, and dangerous (due to a lack of regulatory compliance) and does not improve the client experience.

Video KYC solution
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According to a KPMG survey, a tier-one bank could easily spend $100 million per year on client onboarding. Despite the significant investment, this manual method is error-prone, sluggish, and dangerous (due to a lack of regulatory compliance) and does not improve the client experience.

The majority of client onboarding issues can be traced back to the outdated manual onboarding process. As an example,

  • Transparency is becoming increasingly important to regulators. It's difficult to keep up with these demands.
  • Manually filling out forms and asking questions takes time.
  • From the customer's view, the process is complicated and sluggish.

Document Text Reader Solution

The app scans documents for verification using the camera on a smartphone or device. This usually entails checking government-issued identification cards, passports, or driver's licenses. Smart solutions check for record validity and ensure that they haven't been tampered with. They even look at the format to make sure the paper is genuine. For example, besides checking the apparent format of the passport it checks the machine-readable zone (MRZ), which is usually located at the bottom of the identity page.

Smart digital solutions are capable of reading handwritten notes and custom documents. This is achieved through optical character recognition, which is powered by AI and machine learning. Digital KYC verification is an impetus for comprehensive due diligence.

Despite the various benefits, tech-based solutions alone are not enough. The integration needs to make business sense for banks. KYC – digital or manual – needs to comply with the regulations. The majority of banks spend huge sums of money on compliance but still, come short on many fronts. Third-party services are a cost-effective and feasible option; compliance is met and customers get fast and easy communication with the banks.

Ensure a high level of verification assurance with detailed customer attributes:

  • Personal Credentials (Name, Number, Disability, Blood Group, Hair Colour, Religion and more).
  • Nationality & Immigration Status (Residence Country, Place of Birth, Sponsor, Citizenship and more).
  • Identity Document Information (Tax Numbers, Health Number, Birth Certificate Number, Domiciles and more).
  • Employment & Business Registration (Employer ID, Registration Year, Permit Type, Invoice Details, and more).