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.
Find out more at www.ey.com/sg/fintechhub.
For enquiries, contact us via email at email@example.com.
Customer onboarding in a box
A regional bank was seeking to digitalize
customer onboarding, while maintaining
compliance standards, through a series of
identification and verification measures.
• 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
• 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
• Removed need for physical contract and
• Enabled automation of paperwork
• Increased efficiency of customer
• Reduced risk of fraud and forgery
• Increased productivity by three times
Challenges of KYC processes
Digitally catering to regulatory
needs in real time
Eliminating the need for manual
verification of calls and address
Reducing duplication of KYC
documents and paperwork
Accelerating lengthy back-office
Optimizing resource allocation to
reduce operational cost
Enhancing customer onboarding
journey by reducing identity
EY Global Emerging Markets FinTech
Enhanced user experience1 Fast transformation and integration2
Scalable and improved backend
operations3 Secure and private verification4
Proprietary digital trust solution
online due diligence
Bank-grade digital KYC in
contracts using national
or corporate ID and
Leading-edge tech capabilities
AI and machine
engine Website: www.ey.com/sg/fintechhub
EY ASEAN FinTech Manager