eKYC: Are Banks Missing Out on Business Customer Opportunities?
The Current Challenges Faced by Banks
According to recent statistics, only about 10% of banks currently offer an eKYC (electronic Know Your Customer) process for corporate clients. This is a surprisingly low figure given the growing demand and market trends. The primary reason lies in the lack of effective, legally compliant, and customer-oriented eKYC solutions for business customers.
For those banks that do provide eKYC for corporate clients, most have developed their own systems by integrating technologies such as OCR, facial recognition, and digital signatures. However, building an in-house solution comes with significant operational costs and a range of challenges, such as:
- Limited solution ecosystems that fail to meet the complex requirements of business customer verification. Corporate eKYC is not just about verifying business information; it must also validate the identities of business owners, chief accountants, authorized signatories, and more. In addition, advanced modules are needed to detect fraudulent documents, spoofed faces, and fake digital signatures to ensure a secure and compliant identification process.
Lack of cross-verification with national databases such as the citizen registry, business registration, and tax databases. Without these integrations, the accuracy and reliability of the identity verification process is compromised. Furthermore, the absence of automated database connections results in longer processing times and increases the manual workload for both bank staff and customers.
SmartKYC Solution
To address the challenges mentioned above, SmartKYC is a comprehensive corporate eKYC solution developed by GMO-Z.com RUNSYSTEM. This solution offers the following key advantages:
- Fully integrated modules for corporate identity verification, including OCR data extraction, verification of business owners, chief accountants, authorized representatives, document authentication, facial recognition, and digital signature verification.
SmartKYC enables banks and organizations to verify corporate clients quickly, accurately, and securely. - Cross-verification with national databases on population, enterprises, and taxation:
SmartKYC ensures the utmost accuracy in identity verification by comparing customer information against reliable and official government databases. Direct integration with national databases also helps reduce the time and effort required from both customers and bank staff. - Simple and convenient process:
Procedures can be completed in just 3 to 5 minutes, compared to around an hour when done in person at a bank branch. This results in over 90% savings in time and resources compared to traditional registration methods.
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Smart Solutions – The Digital Transformation Ecosystem
Digital Transformation Division – GMO-Z.com RUNSYSTEM
Website: https://ssolutions.vn/
Hotline: 097 583 0096
Locations: Hanoi – Hue – Da Nang – Ho Chi Minh City – Tokyo
