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 will help the firm digitalize their customer onboarding process. This solution deploys a video-based onboarding solution that enables consumers to be on boarded without being physically present. The solution can be deployed securely through the consumer’s mobile and does not require additional applications, creating convenience and greater customer satisfaction. Through the solution, customer support efficiency is improved 250% as compared to traditional manual onboarding. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

1. Digital customer onboarding
Case study
Context:
An insurance firm was seeking to improve their
customer service and sales operations via the
use of a digital tool. Instead of relying on
traditional physical customer service offices,
they were looking to implement a virtual
customer service office where all operations
will be conducted online. This was in line with
their strategy to digitalize traditional processes
to maximize productivity and utility of
resources while improving the quality of
customer service.
Recommended configuration:
This included the creation of a video-based
customer service platform that is built into the
bank’s and local authorities’ existing online
server infrastructure. This platform included
built-in features, such as:
• Online video customer service where the
bank’s customers were able to virtually
arrange and complete all administrative
tasks that were previously done by visiting
a physical branch office.
• It facilitated customer identification
(compliant to Hungarian and European Anti-
Money Laundering Act).
• Electronic signature infrastructure that
enabled the bank to issue their own
enhanced security certificates to customers
in compliance with the electronic
identification, authentication and trust
services (eIDAS) (Europe regulation).
Client impact:
• Removed the need for bank’s customers to
physically visit a branch office
• Improved sticky customer experience
• Customer support efficiency improved by
250%
Contact us
Onboarding challenges faced by financial institutions
Time-consuming process leading to
poor customer experience
Resource intensive
Geographically inconvenient
Limited customer outreach and
engagement
Need for physical offices for
operators and customer services
Identifying fraud and security risks
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Virtual customer onboarding and service platform
Proprietary customer
identification software
Video-based customer
service
Call center functions
Supervised recording
PSD2 and data
protection regulation
(DPR) ready
Enhanced security
certificate and
signature
Proprietary
closed-circle
video system
Leading-edge tech capabilities
Optical character
recognition
identification
WebRTC open-
source
technology
Chatbots
Extend growth reach through distribution channels
Enhanced user experience
Fast transformation and integration
(eight weeks)1 2
Scalable and improved back-end
operations
Secure and private verification3 4
Accessible through customers mobile devices’ browser, while removing the need
to download third-party apps5
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

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
ey.com.
© 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.
ey.com