Anti Fraud Solution – Guide to Automated KYC Verification

Scalable growth refers to a type of growth that can be sustained and increased over time, even as the size and complexity of a business grows. Basically, a scalable business model is one that can accommodate growth without significant increases in costs, resources, or management overhead. 

In other words, expansion.

Expansion of revenue and customer base without having to proportionally increase operational expenses. 

Interestingly, the fintech industry is part of this scalable growth. 

Looking at Southeast Asia alone, given the widespread use of smartphones, there has been a marked increase of the use of digital financial services in the region. In fact, while the adoption of fintech was on the rise even before the Covid-19 pandemic, around 60 million new consumers joined Southeast Asia’s digital economy during the pandemic alone. 

That said, a key enabler of this scalable growth is eKYC. Echoing TRUSTDOCK’s maxim, truly, eKYC is a gateway that leads to customer happiness and to a business’s success! 

As such, in this post, we explore how eKYC is a growth enablement tool for the fintech industry. 

How can eKYC be a growth enablement tool? 

Since fintech mainly involves the handling of money digitally, it is imperative to include a user identification process to mitigate any risks. 

As such, the following are ways on how eKYC can be a growth enablement tool: 

1. Faster customer onboarding process: eKYC can streamline and automate the customer onboarding process. Thus, reducing the time it takes to verify customer identity and get new customers up and running. This can improve customer satisfaction and help businesses grow by attracting and retaining more customers.
2. Improve customer experience: eKYC can provide a seamless and convenient customer experience. Thus, it makes it easier for customers to complete the identity verification process without having to visit a physical location or complete a paper-based process.
3. Increases customer trust: eKYC can provide a secure and reliable way to verify customer identity. This can increase customer trust in a company’s security measures and encourage repeat business.
4. Reduce the risk of fraud and compliance violations: eKYC can help businesses to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. Thus, reducing the risk of fraud and other illegal activities and avoiding penalties for non-compliance.
5. Bolster operational efficiency: Since eKYC automates manual processes, it frees up staff to focus on other tasks. Likewise, automation increases overall operational efficiency.
6. Better data management: Through eKYC, a business can gain a centralised database of customer information. This makes it easier for businesses to manage customer data and track customer activity. 
7. Enhance customer engagement: eKYC can provide businesses with valuable customer insights and data. This allows businesses to tailor their products and services to better meet customer needs and increase customer engagement.

How can we help? 

Since we understand that eKYC is key to the happiness of customers and to the growth of businesses, we aim to spread the importance of eKYC. 

In fact, we had a webinar last 19 October 2022 entitled eKYC as a growth enablement tool that teaches you the following: 

• You need to capitalise on your eKYC process to increase your:
  • User Conversion 
  • Customer Satisfaction 
  • Customer Retention

You can do this by making sure that your intrigued users are turned into happy customers during the onboarding sequence. 

• In addition, the webinar talked about:
  • Understanding how you can improve your sequence structurally 
  • Gaining insight into the benefits of iProov’s award-winning technology

By learning these, you can create that frictionless user experience in the front to onboard all your users quickly, happily, and compliant with all regulations. 

That said, we recognise that as your business grows, you need better eKYC. As such, we aim to help you improve your eKYC onboarding process. 

Our webinar entitled How efficient is your customer onboarding? can help you do that. 

However, if you need help in finding eKYC solutions, TRUSTDOCK can be the provider for you. 

As attested by various Japanese companies like STRIVE, 500 Startups Japan, Sony Innovation Fund, Mitsubishi UFJ Capital, Mizuho Capital, and SMBC Venture Capital, TRUSTDOCK can help your business grow. 

Final Thoughts 

eKYC plays a critical role in enabling scalable growth in Fintech by streamlining and automating the customer onboarding process. By using electronic identity verification methods, Fintech companies can quickly and efficiently verify the identity of new customers, reducing the time it takes to onboard new clients. 

This can help Fintech companies attract and retain more customers, leading to increased revenue and market share.