KYC and eKYC, the Traditional and the Innovative.
KYC and eKYC, the Old and the New, the Traditional and the Innovative.
KYC: The Familiar
Traditional account registration can be tedious and time consuming for both companies and customers alike. You may need to fill out countless forms and turn in a variety of identity documents for authenticity inspection. These rules are necessary steps of the Know Your Customer (KYC) process.
Knowing your customer, on the surface level, is quite straightforward. It simply means that institutions and companies must be sure that the customer information they have is genuine and that they can match this information to the relevant client.
At the beginning of the in-person KYC process, applicants are often required to bring a range of documents, such as their passport or ID card to prove their identity. All these documents are examined for their validity to protect against counterfeits. Often, advanced technologies such as document readers are used for this process; document readers thoroughly examine the security features and formatting of the documents to ensure that they are legitimate documents.
Financial institutions may also require customers to carry a physical hardware token device to verify their identity prior to accessing their account. To modify their information, customers may also need to physically go to an in-person facility and ask for the relevant information to be changed.
Evidently, this process has its flaws. Having to carry around physical tokens is annoying as well as unsafe. For customers living in more remote areas without access to transportation, finding their way to an in-person facility can also be inconvenient. Now, with the world in lock-down, in-person solutions are even more inaccessible.
eKYC: The New
The eKYC process, or electronic Know Your Customer process, offers a digital alternative to KYC. eKYC is entirely paperless and can be completed using mobile technology. Instead of traveling great distances to register for an account, customers can verify their identity just by downloading an application on their smartphone.
Identity verification on smartphones largely involves biometric authentication and ID verification. By merely taking a picture of one’s identity document and using a phone’s built in facial recognition and fingerprint technologies, applicants can swiftly and easily complete the eKYC process. Unlike before, one only needs to use items readily available to them, their finger or face, to verify their identity.
Toppan iDGate’s eKYC Solution
Here at Toppan iDGate, we fully embrace digital transformations and offer an innovative eKYC solution. Our technology ensures that all mishaps can be dealt with ease. Customers can verify their identity by taking a picture of their ID document on their mobile device and our technology will effectively verify its authenticity. Biometric authentication can also be used for a quick log-in experience. In the past, losing or switching one’s phone was a huge obstacle to the eKYC process. Customers would have to go to an in-person facility to rebind their device. With Toppan iDGate’s solution, you can easily and safely unbind and rebind your device and transfer your data from one to another, all without leaving the comfort of your home. Toppan iDGate prioritizes both safety and security to provide an effortless and accessible eKYC experience for all customers.