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Home Case Studies eKYC through Face Recog.

Face Recognition for 'eKYC'


What is KYC or eKYC?


'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

Why do KYC or eKYC?


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,

How does FaceX come into the picture?


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.

Where is it used?


In today's world, KYC is a mandated process nearly everywhere.

Banks

Business Transactions

Insurance companies

Online Payment apps

Creditors

Other Financial Institutions

When should KYC ideally be done?


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

But why do we need to change the current method?


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.