The Benefits of Using eKYC in Digital Onboarding Process for Banks

 

We live in an era where nearly every aspect of our lives is touched by technology, and banks are not left behind. Bank customers expect the system to move from traditional, manual to open the fast and digital account. This is very crucial since the process of attracting new customers is the bank’s first chance to win them over and pave the way for the entire relationship to move forward.

There are various benefits of using eKYC in digital onboarding process for banks. The first one is that it is instantaneous. The eKYC service is completely automated online, meaning KYC data can be transferred in real-time without the need for any manual intervention. Unlike the paper-based KYC process that can take days up to weeks to get verified, the eKYC process takes just a few minutes to verify and issue.

Another benefit of eKYC in digital onboarding process for banks is reduced failed client acquisition and acquiring new customers. Nowadays, banks are under the pressure to increase their acquisition rates. The digital boarding process is the key to creating sympathy to attract new customers as well as loyal customer engagement with the bank.

According to The Digital Banking Report (2017), there is 43 percent of those with low levels of satisfaction during the process of opening a new account, which indicates that they will are likely to switch banks because they have to enter information more than once. This is true especially when moving from this channel to another channel, not near real-time and when the accuracy is not high. This eKYC, there will be reduced client acquisition because the accuracy in the onboarding process will be high.

For more information on the benefits of using eKYC in digital onboarding process for banks, visit our website at https://loginid.io/

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