eKYC - Banks are missing out on business opportunities with corporate customers

Current Issues Facing Banks

According to statistics, currently only about 10% of banks on the market have an eKYC process for business customers. This is a very low rate compared to market demand and trends. The main reason is that banks do not yet have an effective business customer identification solution that complies with legal regulations and customer needs.

For banks that already have an eKYC process for business customers, most have built their own solutions by integrating technologies such as OCR, facial recognition, and digital signatures. However, developing in-house solutions is not only costly to operate but also faces many risks such as:

• The solution ecosystem is insufficient to meet business customer identification requirements. This process not only involves verifying company information, but also includes verifying the identities of business owners, chief accountants, and authorized representatives. In addition, modules are required to detect document, facial, and signature forgery to ensure safety and security throughout the identification process.
• No cross-verification with national databases on population, businesses, and taxes. This reduces the accuracy and reliability of the identification process. Moreover, lack of connectivity with national databases also results in longer processing times and more effort for both customers and bank staff.

SmartKYC Solution

To address these issues, SmartKYC is a comprehensive business customer identification solution developed by GMO-Z.com RUNSYSTEM. SmartKYC offers the following advantages:

• Fully packaged with necessary modules for business customer identification, including OCR information extraction, business owner verification, chief accountant and authorized representative identification, document/facial/signature forgery detection... The SmartKYC solution helps banks and organizations quickly, accurately, and securely verify business customers.
• Cross-verification with national databases on population, business, and taxes:

The SmartKYC solution ensures absolute accuracy in the identification process by comparing and verifying customer information with trusted and official government databases. At the same time, direct connections with national databases help save time and effort for both customers and bank staff.

• Simple and convenient operation: Complete procedures in just 3 to 5 minutes compared to 1 hour when completing them in person at the counter. Saves over 90% of time and resources compared to traditional registration methods.

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Smart Solutions – The digital transformation solution ecosystem

Digital Transformation Division of GMO-Z.com RUNSYSTEM

Website: https://ssolutions.vn/

Hotline: 097 583 0096

Location: Hanoi – Hue – Da Nang – Ho Chi Minh City – Tokyo