Updated: Oct 25, 2020
What is eKYC?
The KYC can be developed both offline and online with the aim to identify and verify a customer's identity. The KYC has been there for a long time but has turned digital to accommodate today's digital-savvy, and mobile-first era. The traditional KYC posed challenges such as the inconsistent data quality, time-consuming and tedious onboarding process, complex ownership structures, and growing regulatory demands to monitor customer risk at all stages.
Therefore, the eKYC helps to digitalized the processes to solve data accuracy issues, reduces errors, save time and cope with evolving regulation.
The eKYC process
Who will use the eKYC?
The eKYC is mainly used by financial institutions and companies such as banks, e-wallet, and cryptocurrencies companies. But, as identity verification has become more demanding nowadays, eKYC can be used in many sectors, such as the immigration department, flight onboarding process, building's entry points, e-voting system, etc. If you have ever flown with AirAsia before, the check-in process is using the eKYC system to have a staffless boarding system. The eKYC is widely used in e-wallet products such as TouchnGO e-wallet, ShopeePay, and others.
Why do we need eKYC?
We need a paperless, hassle-free identity verification process for both customers and system administrators. The eKYC technology itself falls into the UN's Sustainable Development Goals 9 which aim to build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation.
What is the technology behind the eKYC?
Processes to create the eKYC solution involve both software and hardware architecture depending on the application of the eKYC to respective industries. Artificial intelligence (AI) is definitely one of the technology behind the eKYC. In Ever Technologies, we use deep learning in computer vision to:
Identify if the user is alive and exactly the same as in the photo of submitted identity-related documents;
Recognize the characters in the documents for further verification of the users; and
Identify the documents submitted are fake or not.
We then use predictive analytics to provide an insightful data analytics dashboard to the system administrator. The administrator can use the data for their own business solutions.
In the event where the system administrators would like to further enhance the security and solve the problem where the internet is not accessible in certain regions, Ever Technologies can provide IoT devices embedded with the eKYC solution inside it.
How to ensure the eKYC is secured for your business solutions?
We use Blockchain technology and end-to-end encryption to secure our eKYC product. Our solutions involved:
Non-privacy data storage aligned with each countries' Personal Data Privacy Act
Non-tempered data stored in the blockchain
One-way data verification with the SHA256 hashing algorithm.
Would you like to know more about our eKYC system?
Feel free to send your inquiry to firstname.lastname@example.org
We are here to help digitalized your solutions and to reduce your cost and time!
AI Tech for Everyone