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
varun.mittal@sg.ey.com
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: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

2.
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