E-KYC for Financial Institutions

Photo taken from: https://shuftipro.com/blogs/ekyc-for-financial-institutions/

Digital KYC solution for banks is necessary in order to secure online transactions. The first step would be to perform KYC on your customers before taking them on-board. Many financial institutions, to this date, do not trust the digital world. Due to lack of knowledge and insufficient exposure, they are highly dubious about incorporating digitised KYC to their systems. Another valid threat includes online identity frauds and security breaches, and rightly so.

Digital advancement is as readily available to the fraudsters as it is to online businesses. If businesses can use machine learning to further their profits, by making their transactions smoother and advanced, the scammers will also have these tools at their disposal. They need to be countered in a smarter, more efficient way. The first step online businesses need to take is to perform e-KYC on their customers/investors before taking them on board. This will reduce the fraud risks by 75%, enhancing the profits and saving the resources that could be dedicated to a better cause.

Clients begin trusting the digital when they know their customers. High risk transactions are secured through e-KYC. KYC compliance will not only reduce their fraud percentage but e-KYC will also decrease their on-boarding time by 90%. This would allow for a faster, smoother and seamless customer experience. Both the customers and the clients would remain safe from any debauchery that would otherwise harm the company’s finances and repo.

E-KYC can be performed through online identity verification. Shufti Pro is a SaaS that can help their clients perform quick, real-time digital identity verification of their customers, with 99% accuracy. It allows for white labelling, and is fully customisable to suit the client’s needs. We, here at Shufti Pro, Understand that each business is slightly different and may require different standards to measure the identity of their customers. We can build that for your satisfaction. Our app is highly flexible and uses artificial and human intelligence for the verification purposes.

Shufti Pro acts as a guardian on their door, spots and marks the imposters or fraudulent customers, keeping the company safe from potential harms.


[This article may originally be found at: https://shuftipro.com/blogs/ekyc-for-financial-institutions/]