Welcome ‘onboard’ the eKYC (electronic Know Your Customer) solution offered by FCB.ai.
Simply put, Know Your Customer (KYC) is a procedure to recognize and verify a customer’s identity. One of the first impressions that a prospective customer will have with your company is through the customer onboarding process and this in turn sets the tone for future interactions. It is therefore vitally important that you get the process right the first time.
An AI powered eKYC solution is one of the most efficient ways for an organization to onboard new customers by optimizing, improving, and reducing the costs of these processes. It will also simplify and expedite the experience for the client by only having a few simple steps to follow.
Although applicable to all sectors, KYC is a mandatory requirement within the Financial and Insurance Industries, as it is imperative to:
- Know your client’s identify
- Collect their unique information
- Verify who they are
We understand that this can be of a particularly delicate and sensitive nature, especially with sharing of an individual’s personal information and documentation. Trust and confidence in our AI solution is what will set you apart from your competitors.
The process of identification and user registration requirements have increased with the digitalisation of products and services. All businesses are experiencing a drastic change in digital transformation (in part due to the Covid 19 pandemic) and require specialized businesses using cutting-edge technologies such as artificial intelligence and machine learning to transform and optimize processes.
Electronic KYC (eKYC) for customer onboarding
eKYC is the expression used to describe the digitalisation, electronic and online conception of KYC processes. As eKYC is a remote, paperless process, this will minimize the costs and traditional bureaucracy of KYC processes.
Current customer onboarding software and processes are highly disconnected, resulting in:
- High quote abandonment
- Low customer conversion rates
- Poor efficiency
- High costs
- Low revenue
Falsification of identity, signatures and phishing is not only very common, but is constantly evolving to counteract new systems designed to prevent it from happening. That is why we, at FCB.ai, are keeping ahead of the game and have developed completely secure eKYC processes to combat these counterfeiting offenses and related crimes.
The identification and verification of the customer occurs immediately, helping businesses to reduce costs by up to 37%, (in the case of FCB.ai’s solutions). This in turn offers a smooth, comfortable and simple experience for their clients. eKYC processes increase customer satisfaction and enable the client to utilize the service immediately after the business has contact with them.
Our customer onboarding solutions
FCB.ai, offers a wide range of eKYC solutions based on artificial intelligence (AI) and machine learning that are successfully helping several companies in their digital transformation.
Our solutions manage to reduce costs and bureaucracy, automate processes, and provide the highest levels of security and peace of mind. Identity checks and fraud detection that took up to 2 days now take under 3 mins.
Examples of our eKYC solutions include:
- ID authentication and verification
- Fraud detection
- Electronic signature
- Document verification
Example of customer onboarding solution
To best showcase how this solution works and the benefits of combining conversational AI and eKYC, let’s look at an example of what we are doing for one of our clients in the betting space. The team at a leading betting company wanted to introduce an AI solution to automate their KYC process in order to solve issues related to slow agent response time, human error & fraud detection in their existing document verification process which took 2-3 days.
FCB.ai created an automated solution that assists in document verification when a customer wants to cash-out via their website. When an identity document, driver’s license or passport is uploaded, the solution extracts relevant information, sending the outcome back to the client via API in real time. This process involves us working with partners such as Everial to significantly shorten the verification time, avoiding human error and reducing operating costs.
Conclusion
We are very proud to be associated with some of the leading Financial Services companies in the market, including Betway, MiWay, Investec & Tadfin. Our success models alongside these companies are a true testament to the value, efficiency and profitability that our solutions can offer.
If you have any questions about our solutions, or conversational AI in general, let’s chat – we’re happy to help you onboard your customers quickly and securely.
