How Digital KYC Processes Helps Accelerate Customer Onboarding In 2022

14 Jun 2022

The conventional Know Your Customer (KYC) process was widely recognized as long and tedious. It involves validating customers’ identities and demands great caution. Plus, it also requires a considerable investment of time and resources.

But its reputation has turned around since the rise of digital KYC. In 2020, due to the pandemic, the world witnessed a widespread digitalization within all sectors. It included the KYC verification process as well.

The demand for digital KYC will remain high in 2022 and will likely increase over time. So, all financial institutions should adapt by digitizing this arduous process for customer convenience. Banks that are not equipped with this technology lose their customers because they are unwilling to open an account due to the lengthy process. Therefore, digital KYC in banking is essential.

Here’s how the latest technology can expedite customer onboarding and increase the efficiency of banks:

  • It Is Speedy

Customers’ visits to the bank can be eliminated completely by digitizing biometric authentication like facial recognition. Their identities can be verified using selfie validation on their mobile banking app. The photo can then be cross-checked against the authentic identity cards issued by the government.

According to a study, 61% of customers were assured that biometric identification was as secure as traditional passwords. Plus, it saves them the trouble of remembering passwords.

  • It Is Accessible Even In Remote Areas

In villages, the frequency of banks is quite low compared to urban areas. It means customers have to travel long distances to get to their bank. At the same time, there are multiple banks within a mile radius of one another in metropolitan cities. It creates a lot of frustration for villagers. Hence, the digitization of KYC verification will attract a large remote area audience.

  • It Exhausts Less Consumer Energy

It is no secret that no bank transaction is ever complete in one visit. Customers are required to return with different forms, to convert a document from minor to major, so on and so forth.

It requires going to and fro from home to bank and bank to the office and is quite an inconvenience. Consumers, therefore, prefer digital KYC over manual one.

  • It Is Cost-effective For Banks

Reportedly, manual KYCs cost FIs over $500 million every year. It’s not just the customer, but the banks too, that have to pay the price. Banks with a considerably larger consumer base can potentially go into a loss over these unnecessary costs.

A survey suggests that 12% of companies decided to change banks because of KYC issues. The loss incurred due to customers switching banks is also heavy. Hence, there is every reason to digitize the KYC process.

Wrapping Up

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