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Hochiminh City, February 18th, 2020, the technology company KMS Solutions issued a press release announcing the launch of its electronic Know-Your-Customer (eKYC) platform that is geared towards Southeast Asia's banking sector, further supplementing the company's Digital Banking Service portfolio as per its latest strategy.
As a leading technology company with considerable experience in developing and implementing eKYC platforms for banks in global markets such as Australia and the U.S., KMS aims to introduce eKYC to the Southeast Asia (SEA) market to help banks in this region design a great service experience and streamline back-office operations.
eKYC is viewed as the foundation of the Digital Banking model, supporting banks to grow more rapidly and sustainably. This solution helps banks minimize operational costs and costs associated with opening new branches. It creates momentum for banks to explore other markets, attract new customers, and raise the overall competitiveness of the Banking industry.
KMS Solutions’ electronic Know-your-Customers (named KMS eKYC) is a solution that automates the verification, identification, and extraction of data from images and documents with near-perfect accuracy. eKYC is key to customer experience as it allows banks to reduce the time needed to verify customer’s information, which otherwise might take days to weeks using traditional methods. Customers will no longer have to wait in long queues at counters because all the processes are done online.
The solution is researched and developed on the basis of 4.0 technologies such as Optical Character Recognition (OCR), Face Matching, Liveness Detection, and Artificial Intelligence (AI).
- All data is processed and stored in customers' proprietary servers or in those of local partners, ensuring users’ data security.
- False Acceptance Rate (FAR) can be adjusted in accordance with customers’ needs for their preferred level of data security in different sectors; the rate can range from FAR 1/10.000 (equivalent to the FAR of smartphones’ biometric fingerprint), to lower than 2% (for industries with a large number of users such as Telecommunications), which helps to strike a balance between data security and usability during the onboarding process.
- Connect together central databases such as CIC, Personal Income Tax, Social Security, thereby enhancing the detection of document fraud.
- KMS eKYC is built on Microservices architecture, which makes it easier to add new features and meet the rapidly changing demand of the market and legal framework that have yet to mature.
These technologies combined help banks remove geographical barriers and reduce the time needed to verify customers' profiles online. Thanks to eKYC, it now takes only a few minutes to register and verify new profiles at the banks' registration page, after which the customers will be provided with a Transaction Account & Internet Banking Account that can be accessed and used immediately without them having to visit the bank.
These advancements are expected to be applied more widely to numerous banking services such as card selling, lending, and services that are connected with 3rd-party companies such as insurance companies, healthcare companies,...
As the Digital Banking Service portfolio designed for the SEA market is being rapidly expanded, Mr. Le Huu Tan Tai - Digital Banking Solution Director at KMS Solutions said: “Banking needs to stand at the forefront of Digital Transformation as it directly impacts the economy at large. However, SEA and Vietnam in particular still face certain challenges when undertaking Digital Banking. I believe that thanks to our experience in implementing Digital Banking for established banks across the world, KMS is well-positioned to support banks in the region accelerate their Digital Transformation faster, more effectively, and more securely".
About KMS Solutions:
KMS Solutions works closely with leading software companies across the globe to bring the most advanced and innovative technologies to Asia-Pacific. The focus is to help organizations achieve their business goals through world-class fit-for-purpose solutions and proven industry best practices. KMS Solutions’ success is ultimately measured by the positive impact that it makes on the client’s business.
