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Customer onboarding in a box


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Knowing Your Customer (KYC) is the process of understanding and validating the authenticity of the business’ potential clients and risk that it might impose onto the relationship. KYC solutions enable access to detailed information ensuring the credibility of clients and expediting the client onboarding. KYC solution also automate previously manual processes and reduce repetition, saving time and money for the firm.

The solution leverages on Algorithmic Risk Intelligence (ARI) and bank-grade digital KYC to eradicate the need for physical contract and manual verification and ensures satisfactory background due diligence. The Artificial Intelligence (AI) enabled solution automates complex regulatory process to significantly reduce the turnaround time and enhances user experience by hastening the customer onboarding process. The solution utilizes advanced cryptography for the securitization of digital contracts to mitigate potential risks.

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Customer onboarding in a box

  1. 1. Customer onboarding in a box Case study Context: A regional bank was seeking to digitalize customer onboarding, while maintaining compliance standards, through a series of identification and verification measures. Recommended configuration: • It used biometrics and national ID for identification, as well as for storing immutable digital contracts. • KYC processes, including running background checks on customers were also provided. • The platform was also used to reduce the frequency of false positives. Overall, the solution brought down customer dropouts by 66% and increased productivity by three times, while improving compliance standing. Client impact: • Removed need for physical contract and manual verification • Enabled automation of paperwork processes • Increased efficiency of customer onboarding • Reduced risk of fraud and forgery • Increased productivity by three times Contact us Challenges of KYC processes Digitally catering to regulatory needs in real time Eliminating the need for manual verification of calls and address visits Reducing duplication of KYC documents and paperwork Accelerating lengthy back-office processes Optimizing resource allocation to reduce operational cost Enhancing customer onboarding journey by reducing identity verification time Varun Mittal EY Global Emerging Markets FinTech Leader Solution benefits Enhanced user experience1 Fast transformation and integration2 Scalable and improved backend operations3 Secure and private verification4 Proprietary digital trust solution ARI Algorithmic risk intelligence (ARI) ensuring enhanced online due diligence Digital KYC Bank-grade digital KYC in real time Digital contracts Securing digital contracts using national or corporate ID and biometrics Distributed ledger technology Leading-edge tech capabilities National identification card KYC authentication Advanced cryptography AI and machine learning based core regulatory engine Website: Email: Sahil Gupta EY ASEAN FinTech Manager
  2. 2. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit © 2018 EYGM Limited. All Rights Reserved. EYG no. 011378-18Gbl ED None. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.