Online KYC and Onboarding

What is the challenge?

Banks are required to conduct in-person meetings with clients prior to account opening and annually for Know Your Customer (KYC) profile updates.

Where does the challenge lie?

  • Significant management challenges in terms of efficiency, cost, and customer experience.
  • High cost of in-person meetings – requires extensive resources and logistics, resulting in increased operational costs and time-consuming processes.
  • Time-consuming and complex for bank’s employees, especially when dealing with a large number of clients across different locations. It requires careful planning, allocation of resources, and coordination with clients’ availability.
  • Lost of time for clients – scheduling and coordinating these meetings can be challenging, especially for clients who are geographically distant or have limited availability.
  • Decline in customer satisfaction because of logistical issues, such as missed appointments, delays, or rescheduling conflicts. 

What is the challenge?

eKYC is the Solution

Based on Open Architecture and help banks to streamline the KYC process using online connection. 

Has Customizable Web Interfaces. Banks can ensure a consistent and cohesive visual representation across their digital platforms by leveraging a white-label approach. The web interfaces can be tailored to reflect the bank's colour palette, typography, logo placement, and overall design elements.

Has Web-based Software-as-a-Service option and an API integration option for implementation. 

Uses FaceID Solution that can be tailored to bank's needs. We have successfully use solutions from trusted providers such as Amazon, Visionlabs. Also can be used solutions from Microsoft or Meta 

How it works on Web?

  1. A client of a bank enters his or her ID number. In different countries it can be different ID type. For example, it can be SSN in Canada or IDNP in Moldova.
  2. The client takes a selfie picture of his or her face.
  3. The system receives this picture and identifies the person, compares the identified person with the person from the entered ID.
  1. If the FaceID procedure passed successfully, all the existing data about the client is loaded from external or/and internal resources*.
  2. The client enters additional information or/and may correct data which was entered automatically.
  3. The client confirms all his or her data is correct and the KYC procedure is finished.

API Integration Options

for Seamless Connectivity
  • Rest APIs. A standardized approach to connect applications, facilitating seamless integration and interoperability.
  • Web view integration involves a web view, or a dedicated section of a website, within the bank’s website or mobile application. By utilizing web view integration, banks can seamlessly incorporate the SaaS solution directly into their existing digital channels.
  • A set of specific libraries for developers for iOS and Android applications empowers developers to integrate banking functionalities quickly and seamlessly into mobile applications.
  • A set of libraries for developers for web integration provides pre-built components and tools that streamline integration efforts, saving time and resources.

Business cases

Where eKYC can be used:

Customer onboarding

KYC procedure during the update clients’ profiles

Individual features and functionalities can also serve:

Client’s strong authentication. 
For example, improve the security for the log in.

Additional security for sensitive operations. Improve the security of making sure that the person is a right person for a banking transaction for large amounts of money, for example. 

Get in touch
SaaS  web implementation:
  • Determining the implementation mode for data transfering into the core banking system
  • CSS styles file customization according to the bank brand book
  • Integration with the core banking and other bank’s systems (direct or via RPA)
  • Testing 
  • Launch
API implementation:
  • Defining the data exchange model
  • Creating integration specifications description
  • Development
  • Infrastructure and application deployment 
  • Testing 
  • Launch

Security and Data Protection

The level of security and data protection must be tailored to each specific bank and its unique infrastructure.

Ensuring the absence of any security vulnerabilities during implementation is of utmost importance. To achieve this, we collaborate closely with the bank’s relevant department or engage data protection security experts.

  • Database Encryption.
  • Specific Certified Data Centers for Financial Businesses
  • Strong Authentication: Implementing two or three-factor authentication and one of these factors is a factor involves biometrics.
  • For mobile applications, an additional layer of security, such as a PIN code, may be requested.
  • One time passwords
  • At every stage, we prioritize robust security measures to protect against potential threats and vulnerabilities, ensuring a secure and resilient digital environment for the bank and its customers.

Impact on Business

Increasing the conversion of new customers

Increasing cyber security

Streamlining the process of customer’s data update according to KYC regulations

Reducing the social engineering frauds

Improving customer satisfaction score

Improving customer effort score

Increasing the customers’ engagement with the bank