How eKYC is Streamlining Digital Banking

A How-To Guide for Online Identity Verification and eKYC

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What You’ll Learn:

  • How to balance account opening conversions and fraud detection in the context of identity verification
  • How to calculate the real costs of account onboarding and KYC
  • The role of biometric-based authentication
  • The dangers of disparate eKYC solutions
  • A best-practices approach to online identity verification for eKYC

The eKYC Imperative: Fraud Detection + Conversions

The launch of virtual banks across Asia-Pacific is disrupting the traditional banking model. Meanwhile, financial institutions must comply with stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations that typically send new customers out of their preferred (digital) channel for identity verification.

For established banks and up-and-coming digital banks, it’s become a business imperative to streamline the digital onboarding experience and dramatically cut abandonment rates.

In this in-depth guide, we detail the current state of digital banking in Asia-Pacific and offer a best practice approach to streamline the identity verification/eKYC experience while keeping fraud at bay.