What is eKYC/Digital on boarding?
EzID Proofing or otherwise also known as eKYC (electronic know-your-customer) is a state-of-art product offering comprising of various integrated components working seamlessly to help businesses in next-generation digital on-boarding customer journeys through authentication and realization of digital ID verification and face match. Ezmcom’s EzID product offers sectors including but not limited to insurance, banking, financial services (e.g. mobile wallet, remittance, lending), and telecommunications, where customer identification is one of the key deciders in customer sign-up process. This often also involves on-boarding customers digitally and remotely without the need of customers requiring to visit branches or physical locations for signing-up thereby increasing customer satisfaction, reducing friction and rapid acquisition.
The KYC and the eKYC process have the same function. It’s just the administration of such an authentication that differs which gives eKYC several distinct advantages over the use of the regular KYC process.
Comparison eKYC / KYC
Let’s take a look at the difference between eKYC and the normal KYC process based on certain key factors:
|1||Authentication||Minutes||Days to weeks|
The eKYC Process
The following describes the eKYC process for a customer that wants to subscribe to a service from a bank / merchant.
- 1. First, a customer requires a service such as a Sim card or to open a new bank account or apply for an financial instrument.
- 2. The customer then applies to the bank or service provider for said services, online or offline.
- 3. The service provider, as part of its verification process, is required to collect KYC or eKYC details from their customers, if the service provider has been authorized to do so.
- 4. These Know Your Customer details include customer documentation such as National ID, Driver’s licenses, passport, etc. or any other authorized document that validates the name, address, age, gender, date of birth, etc. of an applicant.
- 5. Based on the process employed, the service provider will authenticate a person’s KYC or eKYC details within a stipulated time-frame using the ID card, OTP, bio-metric verification, etc.
- 6. Once a person’s KYC details are verified, that customer will be given access to the desired services, such as a new bank account or an operating sim card without needing to physically visit the location at his own convenience.