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:

Sr. No. Category eKYC KYC
1 Authentication Minutes Days to weeks
2 Paperwork Not Required Required
3 Cost Reduced Higher
4 Redundancies Lesser More
5 Auto-fill Yes No
6 Security Secure Less Secure
7 Eco-Friendly Yes No

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.

Technology for Digital Onboarding

Deep learning approach

EZMCOM uses a deep learning approach for Identity Document validations, and the technology has been implemented in constrained environments such as mobile devices.

Accuracy

Every biometric system must choose an operating point that represents a trade-off between FAR and FRR. This is essentially a trade-off between security (represented by FAR) and convenience (represented by FRR). EZMCOM allows fine grained calibration of FA-FR depending on the use case, risk appetite and UX/CX desired. For a common operating point of 1/50,000 FAR EZMCOM provides 2% FAR 2% (Detection Rate 98%) for Face recognition. For Voice recognition approximately 7% (Detection Rate 93%). The measured FRR in convenience mode at 1/50,000 FAR is approximately 0.8% (Detection Rate 99.2%).

Customizable UX/CX

Easily customize the camera view, the UI to add custom text, labels, images to build an appealing UX/CX from the SDK.

Mixed,Multiple Modes

EZMCOM’s solution is able to capture data from various Identity Documents (ID) with OCR/ NFC mechanisms depending on the support available from the user’s digital device and the security features of the document. Apart from the various modes of document capture, EZMCOM also supports multiple channels – web and mobile to provide a versatile and robust solution platform for a wide coverage.

Small Footprint

Very low footprint (As low as ~2.5MB additional increase of size of mobile app in Android and ~15MB for iOS). An equally low network footprint while maintaining high levels of server side security control (~1kb).

Flexibility

Implement a fully offline mobile device delegated authentication or server verified and controlled authentication. Allows device tethered and device independent implementation of the biometric authentication system.