Advantages Of Using E-KYC Technology In Digital Onboarding Process For Banks

What is Re-KYC?

Knowing your customer or knowing your client in the banking domain is a necessary method of recognizing and validating the client’s identification when initiating a bank account. As by the guidelines on KYC standards, most leading banks demand to refresh customer identification documents periodically in the database of their account owners. In extension to the traditional pen & paper-based KYC carried out at the point of opening the account, the owners may be expected to undergo the re-KYC procedure and present the essential documents through digital platforms.

How Is Re-KYC Done?

Re-submitting KYC(OR) Re-KYC of identification papers and recodes of clients are often demanded by the banks:

• when banks desire to have their database updated with the latest documents of the clients.
• when an account is being kept idle for a longer extended period
• when there are numerous or too few differences in the money deposits
• when the report of a client is taken long ago and is invalid in present.

Re-KYC is done mainly on digital/online platforms instead of the conventional KYC process, which is handled manually. E-KYC or video KYC method is much more reliable, robust, and error-proof than the standard one.

Here, the clients’ identification papers and records are uploaded digitally to the portal with the help of a software application, and all the affirmation measures included in a KYC process are accomplished remotely.

Why Most Banks Prefer Using Solutions Provided By Us

Blue Bricks is a company encouraging the digital transformation of various countries by providing multiple software solutions, including Re-KYC. The electronic KYC solution we provide comes inbound with the following products:

Axiom Protect 2.0: Provides 99%+ accuracy to build your EKYC or remote access authentication & comes by pure 100% AI/DL-based MFA technologies and recognition system.

Valydate4u: Provides Full Video KYC Or Half Self EKYC. Eliminate full manual and paper-driven customer acquisition and onboarding with the best security, validation, and verification in place.

Our Products Provides:

• Agile and Simplistic Integration: Quick onboarding and fast go-live, so you kick the ground moving.
• APIs and SDKs: Easy yet compelling plug-n-play APIs and SDKs for multiple devices and platforms, white-labeled plus developer-friendly.
• Protected, Compliant, and 100% Legit: Bank-grade protection with MFA and 100% conformance to proper regulations and laws.
• Save on Expenses, Time, and Boost Productivity: Diminish operational charges by 75%, accuracy by 99%, and improve productivity by 70%.
• Comprehensive Process Visibility: End-to-end clarity of papers & record signing, KYC, NACH registration, and debit rules.
• Enhanced Customer Happiness: Lessen the dependency on material paperwork, logistics, and standard data record.

Advantages Of Using Our E-KYC Technology In Digital Onboarding Process For Banks

Bank customers demand the onboarding method to shift from traditional & standard to fast and digital onboarding methods. Here are the pros of adopting the e-KYC:

• Instantaneous Pipeline: The e-KYC service is a completely automated online process so that you can assign data in real-time without the call for any old-fashioned intervention.
• Digital onboarding diminishes fraud: As technology progresses, banks will need more reliable resources to support them battle fraudsters.
• Elevate customer experience: It proves that e-KYC in the digital onboarding manner serves banks to enhance customer experience. Consumers want to shift to digital to establish their identity online and stimulate the onboarding process.
• More durable and more adaptable path to banking services: The conditions for fulfilling the onboarding process are compressed, contributing more assistance to clients and banks.
• Lessen paper usage and missed record: Supports a bank or business to lessen its carbon footprint by staying environmentally friendly and practicing a cloud-based online mode. The e-KYC system also maintains reliable customer data and stops missed records.

Are You Ready To Transform Your Digital Onboarding Process

If you are looking for a trustworthy and responsible partner company to provide you assistance in this digital world. In that case, Blue Bricks is a perfect option as we have the best software solutions to transform the bank’s foundation for digital transformation policies.