Best Digital KYC Solutions to Open Bank Accounts

2. These days, to fulfill the exact KYC details of the customers, most of the financial institutions obtain address proof, birth proof and identity proof etc. This process named as recurring process and at this place both customers and banks bind to the KYC norm process. But in this case, the records should have to be updated accurately. To maintain the KYC records, financial institutions use a lot of money which is a heavy burden for them. Physical records check the banks to help the customers well. Digital KYC The financial institutions and banks now use bank digital KYC service for streamlining the customer onboarding. It has replaced the manual way of entering client information in the system. This process is time-consuming and wastes a lot of resources. Now banks use a tech-based approach for onboarding customers, which is an easy process to update. Technology has solved many problems, and strategic implementation is logical and customer-oriented to make the process more transparent. There are regulations complied with (KYC), and the customers find digital KYC- easy interaction with the banking system. Artificial intelligence-based digital solutions has helped both the banks and the customers making the entire process. Here are some features of Digital KYC Face Verification In this, the user takes a selfie with a webcam or smartphone in bank grade digital KYC solution provider systems in the physical presence of the individual. The machine learning and AI-based methods differentiate between a picture and a live face for 3D perception and color texture. The advances in machine learning systems have prevented spoofing attacks. The contemporary solution providers use micro expressions for confirmation and certification. Document Verification Nowadays, the camera of a smartphone or computer is usually used to scan documents for verification. Normally people upload government-issued ID cards, passports, or driver’s licenses to verify the details. The authenticity of documents is checked to ensure anything is not tampered. The authorities also check the format of the document to ensure it’s original. They thoroughly check the apparent format of the passport using the machine-readable zone (MRZ) located at the bottom of the passport or other identity pages. Address Verification Banks need to verify the physical address of the customer’s identity. It is a vital part that acts as a stable deterrence to protect an individual against identity theft. The government-issued documents, namely ID

3. cards, digital KYC solutions, are used to authenticate the document to assure it’s genuine, and the address mentioned is not forged or tampered. There are companies offering hybrid solutions to verify the document by the machine and make the verification process error-free.