June 2020

eKYC: LiveBank Communication Bus supports digital customer journeys

Thanks to digital channels customers have access to all the services they need. Those means of communication between the company and its target audience is especially important for financial institutions. They can move their offer to a whole new service level using remote Know Your Customer (eKYC) processes that is perfect for efficient customer service in digital dimension.

eKYC: advantage based on technology

Technologies supporting eKYC processes allow us to remotely verify a customer’s identity in digital channels helping them establish a deeper connection with a financial institution. Usually, this process consists of many stages and security measures, guaranteeing data safety for processing personal details and ID photos. Thanks to eKYC processes, onboarding and customer acquisition can happen with no further help from an advisor available via video features. Those technologies can also be used to support sales of other banking products with no assistance from bank branches.

However, this is just a beginning of a list of features that can be included in eKYC modules for internet platforms and mobile apps. Those processes can significantly shorten an average time of customer service and, at the same time, they can support institution’s representatives, limiting their contact with audience to a bare minimum. They also save customers’ time, as they are no longer required to visit banks in person to gain access to particular services. That, on the other hand, leads to lower maintenance costs for traditional points of sales. What is more, eKYC processes are also a perfect sales channels as they guarantee an access to many the financial products, including loans, credit cards, investments and mortgages.

Automatic processes: a step towards the future

Automatic eKYC processes offer a variety of advantages that were out of reach for many industries. First, they allow banks to reduce to minimum the necessary human assistance, even though it has been essential for majority of transactions until now. Thanks to automation, advisor or agent is needed only when customer needs additional support or verification.

What is more, eKYC processes speed up the transaction themselves. Opening an account using those processes takes less than 10 minutes, leaving traditional customer service way behind. Such eKYC technologies also guarantee online safety, as they can verify a customer not only via biometric system, but also through photo comparison between ID and provided selfie, and gesture analysis (i.e. smiles, blinking). This allows banks to avoid frauds and scams.

Conquest of digital channels in a few simple steps

EKYC modules contain many featureswhich neverthless are extremely user-friendly. From customer’s perspective, in a matter of few clicks one can move into the world of mobile banking. This cooperation starts with a simple procedure based on – of course – eKYC processes.

  1. Starting the process and accepting consents – the customer receives all the information regarding data processing and accepts necessary documents.
  2. Taking a photo of both sides of ID card – that information is used to confirm customer’s identity. The service is based on biometric engine.
  3. Taking a selfie – this photo is compared to the photo from ID card.
  4. Starting liveness check – this mechanism requires simple gestures (smiles, blinking, etc.). It prevents frauds and scams.
  5. Face biometry and OCR (Optical Character Recognition) – biometric engine compares ID to a provided photo with automatically downloaded data.
  6. Data confirmation – gathered information is send to the customer. He can either confirm or change the data accordingly.
  7. End of the process.

What is especially important, in case of any problems each and every part of this process can be supported by a human advisor. This person can connect with customer via chat, voice call or video call to answer to any questions that may arise. This solution allows banks to reduce call drop-off rates and contribute to higher sales.

Processes for thousands of customers

It could seem that eKYC processes may interest only a few people that feel comfortable enough using online channels to manage their finances. This assumption is completely wrong – since the technology has been introduced it was widely appreciated by customers from many countries. Our data confirm that tendency; in the last quarter of 2019 almost 2.5 thousand customers a month used eKYC processes. In the first quarter of 2020, this number doubled!

With that information provided, it is clear that eKYC is transforming from technology of the future to a tool shaping our reality today. Those processes allow us not only to reach the new target audiences, but also serve them remotely without any assistance from bank’s employees. In the same time this tool guarantees an easy access to agents’ support whenever one needs it. Additionally, the growing interest in this service leads to increasing number of users. Thus, it is high time to embrace the digital change, increase sales and win the hearts – and minds – of new customers!

Bartłomiej Szymański, LiveBank
Bartłomiej Szymański
Business Consultant

Any questions?

Need quick hints? Feel free to contact us

Piotr Skrabski

Piotr Skrabski

General Manager

    Ailleron Company

    43B Jana Pawła II Avenue
    Podium Park II Building
    31-864 Cracow

    Did you know?

    A virtual branch will work perfectly wherever efficient service is crucial