These 8 features are revolutionizing eKYC

Posted by KMS Solutions on Jan 14, 2022 1:32:39 AM

Given the risk of fraud in this digital world, eKYC solution has become an essential component of any mobile banking app. Thanks to eKYC solutions, banks can verify customers online no matter where they are. And the process is done automatically without human intervention while staying complying with regulations.

But eKYC is not a stand-alone solution. It is a mix of features that together help banks onboard customers fast and conveniently. Below are the 8 eKYC technologies that are transforming the way banks verify their customers.

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Topics: Digital Banking, eKYC Solution

eKYC Process: Digitally onboard your customers in 10 steps (+Infographic)

Posted by KMS Solutions on Nov 29, 2021 12:24:45 PM

While eKYC describes the technologies (face matching, liveness detection, OCR) that banks use to verify online applicants, an eKYC process refers to the workflow of how those technologies are used. Having a well-defined eKYC process is critical as it gives banks a comprehensive view of customers’ onboarding journey.

In this article, we will explore a tried-and-true 10-step eKYC process.

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Topics: eKYC Solution

Top eKYC solutions providers, ranged by unique selling points

Posted by KMS Solutions on Nov 19, 2021 12:41:41 AM

Choosing the right eKYC solution provider can be hard, given that there are so many of them; each offers different features and focuses on different niches. 

You may ask “how about developing an eKYC solution myself?”. But, as we have pointed out in this article, buying a ready-built eKYC solution from an independent provider can be more beneficial and economical than developing one from scratch with your in-house team.

In this article, we discuss the 6 most popular eKYC solution providers. We will not range them by quality since each vendor has its strengths and weaknesses. Instead, we will focus on their unique selling point, so that you can decide which is the one you're looking for.

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Topics: Digital Banking, eKYC Solution

What is Fraud Detection and how it is applied in Digital Banking?

Posted by KMS Solutions on Aug 30, 2021 4:04:11 PM

fraud detection-01

Fraud Detection is an integral component of eKYC (electronic Know-your-Customer). Fraud Detection is vital during the online onboarding process, as it helps banks prevent costly frauds and cybercrimes. 

As digital banking channels grow in number, so do the ways that fraudsters can do wrong. And their fraud tactics will continue to multiply given that banks have to adopt Open Banking, eKYC, and PS2D (Europe’s second Payment Services Directives). To prevent these unauthorized transactions, banks must have a robust fraud detection system. 

In the first part, this article gives you a brief overview of fraud detection. The rest will discuss how banks can apply fraud detection and augment this function with Machine Learning.

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Topics: Digital Banking, eKYC Solution

eKYC Solution: a Buy vs. Build Analysis

Posted by KMS Solutions on Aug 13, 2021 3:39:28 PM

ekyc-solution-buy-or-build

An electronic Know-your-Customer (eKYC) solution is an essential feature of modern banking applications. eKYC allows potential customers to create new accounts in just a few steps. It frees them from the trouble of visiting physical branches. For banks, an eKYC solution reduces the influx of customers to physical branches. This helps them to reduce the costly need for opening new branches

When it comes to eKYC solution, banks have two approaches: Build and Buy. 

On the one hand, build requires banks to develop and integrate various point features (those that serve one purpose only) together. As we will learn in this article, trying to connecting disparate features for an eKYC can lead to many problems related to accuracy and functionality. 

On the other hand, partnering with and purchasing an integrated eKYC solution from a third-party provider can offer some advantages.

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Topics: Digital Banking, eKYC Solution

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