According to The Digital Banking Report (2017), there is 43% of those with low levels of satisfaction during the process of opening a new account indicates that they will be sure or able to switch banks because they have to enter information more than once, especially when moving from this channel to another channel, not near real-time and the accuracy is not high.
Therefore, eKYC is one of the optimal solutions to overcome the above limitations. It makes the onboarding process of banks a unique process, no matter how many channels they use, at any time. Guaranteed information is updated and synchronised across channels to assure customers that they have access to the data is always accurate everywhere. The eKYC process broke down direct meetings at the branch thus helping people to stay at home during pandemic time.
Key benefits of eKYC:
- Reduced failed client acquisition and acquiring new customers
- Reduced fraud
- Improved customer experience
- Perceived as an innovative and open-minded bank
- 24th March 2020