'Know your Customer' or 'KYC' (and it's variant 'eKYC' or 'electronic Know your customer') is the process of verifying the identity of an individual client or business before a financial transaction or business relationship is initiated. KYC/eKYC is done by registering together:
a recent photo and signature of the personand       a valid government approved id card with their details
KYC's are mandated in financial transactions in order to add customers who:
provide accurate information       have good credit balance,
and to avoid customers who are involved in :
identity theft,       money laundering, and       terrorism,
FaceX provides high accuracy face recognition technology (check out our demo for Face Comparison). By integrating this to the eKYC forms, it will be possible for companies to compare photos in uploaded ID proof documents with the picture of the person applying (which can be a selfie taken during application). FaceX also has a spoof detection product, which can be added to ensure authenticity while applying (check out our Spoof detection solution page to learn more).
By using FaceX to do eKYC, it is possible for clients to easily complete a paperless KYC process at ease without delay, or travel and companies, and financial institutions can be assured of the authenticity of clients.
In today's world, KYC is a mandated process nearly everywhere.
Online Payment apps
Other Financial Institutions
KYC is usually used at different stages of a business process like during:
New Client on-boarding
High Value Business Transactions
Comply with goverment regulations
Update expired information
Beginning of New policy or contract
Re-authorize new clients
With the new era of globalization and migration to different countries and cities being a norm, it is often impractical to think that customers will be availble on at a moment's notice to complete their KYC. Often KYC's are delayed over weeks, just to get the forms all printed and mailed to the required office. If eKYC is allowed, then it would be delayed until an agent is free to meet the client.
A handful of companies and financial institutions that allow full-fledged eKYC without intervention from their side would face the issue of not being fully confident in the authenticity of the client registering for their services. At times the documents submitted would be incorrect or there would be no photo id proofs submitted for them to be able to identify the customer at a later date.
Moving to implementing facial recognition technology in eKYC proves to be the best foot forward in accomodating today's busy lifestyle in an essential step like KYC.