Today, financial institutions have to face high cost due to the lack of skilled people to manage Know Your Customer (KYC) solutions. In order to comply with the KYC regulations, financial institutions are required to dedicate a huge amount of resources including an increased number of employees to handle KYC.
KYC is a process where banks and financial institutions gather customer details to verify the identities, credibility, legal validity and authenticity of their clients. Hence, Know Your Customer (KYC) procedures are a critical function to assess customer risk and a legal requirement to comply with Anti-Money Laundering (AML) laws. Effective KYC involves knowing a customer’s identity, their financial activities and the risk they pose.
One such financial institution is Dunia Finance, which has decided to partner with Accura KYC for addressing their compliance and automation issues. Just to give you a peek into the background, Dunia Finance (Dunia), founded in 2008, is a leading financial institution in the UAE known for its customer-centric business model which provides a full-function product range, including secured and unsecured loans, credit cards, deposits, financial guarantees and payroll processing for non-individual customers.
Dunia Finance approached Accura Scan with the below problems:
Accura Scan realised that the problem was related to KYC Onboarding which was a quite hectic and manual process. The solution to such problems should consider three main factors; the business side, regulatory compliance, and modern technology. Coordination among these three pillars will exhibit the 360-degree benefits of digital KYC.
Technology alone can’t solve these problems. Its implementation needs to be strategic, logical and customer-oriented. For example, banks need to comply with regulations such as Know Your Customer (KYC), and the customers want swift and easy interaction with the banking system. AI-based digital solutions can help both the banks and the customers.
Despite the various benefits, tech-based solutions alone are not enough. The integration needs to make business sense for banks. KYC – digital or manual – needs to be in compliance with the regulations. The majority of banks spend huge sums of money on compliance but still, come short on many fronts. Third-party services are a cost-effective and feasible option; compliance is met, and customers get fast and easy communication with the banks. And Accura Scan is the experienced partner. Accura Scan, a pioneer in scanning technology is a perfect solution for the onboarding and KYC of the new customers. At Accura Technolabs, it is our mission to replace the manual KYC onboarding. You can check out more information about us here- https://accurascan.com/download
A simple selfie will do your customer verification and authentication. Accurascan authentication is a new 3D technology for preventing identity theft. Our Authentication captures hundreds of images of people when they take a selfie video to verify themselves during high-risk online transactions. Creating a 3D identity map that can’t be spoofed.
100% OCR Accuracy. Scans the ID Card, Auto fill and Verifying the Document
Matching the User Selfie with the photo shown in the ID Card.
Was the person himself present while doing the transaction? or submitting KYC doucments? or while opening the account?
Accura Scan Identity Verfication gives result immediately in Real Time. Know your Real Customers