With the help of AI technology and digitalization, banks are increasing online KYC (Know Your Customer). This way banks can meet the increasing demand from online bank service usage. Faster and more accurate than the traditional identity check, AI-based automated identity verification is enabling banks to meet the expectation of the customers.
1. Online KYC is better and faster than the traditional method
Online KYC (Know Your Customer) is better and faster than the traditional method. It is because online KYC uses AI-based automated identity verification. AI technology is recognized to be accurate and precise compared to the conventional checks handled by humans. The accuracy of AI’s ID to Face verification is 99.5%.
Traditional ways of identity check process by the bank would require a visit to a branch to deliver one’s identity document such as driver’s license, passport, or government-issued ID. The agent from the bank would check the document to verify whether the person is delivering the correct information. A photocopy of the document is made when the person while fills out more papers to deliver any additional information. With the collected documents, banks needed to make decisions whether the person is saying the correct information of who and what they claim to be.
Now with AI technology, banks need less information with fewer procedures. The technology used to verify customer identity includes OCR data extraction, face verification, liveness check, and fraud detection. So going online is not anymore risk-taking action, but can be defined as safe, accurate, and precise.
2. Stay compliant with complicated requirements
The requirements to stay compliant have become complicated. Governments are requiring companies in the financial industry to meet complicated regulations. Companies that need to meet such requirements feel a burden to follow up with such regulations. Using online KYC is beneficial as this service provider can support banks with up-to-date regulatory compliances.
Online KYC solution providers such as Argos KYC not only assists banks for online identity verification but also provides information regarding fraud check and AML (Anti-Money Laundering) reports.
All processes mentioned are not any more time-consuming. It is getting faster than before with the advent usage of technology. Also, automation enables the banks to concentrate on their business while KYC service providers can secure a safe customer identity check. In the end, the process is a win-win that ensures secure information for the bank and enables convenient usage from the customers.
Utilize automated technology to verify your customer as they claim who they are. Online verification such as ID document check, face verification, and liveness check is accurate and faster than the traditional methods. Ensure your business safety and allow easier onboard from the new customers with the help of online KYC solutions.
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