How eKYC is streamlining Digital Banking in today’s world

by | Nov 10, 2021 | Digitization, Financial Services

As a result of COVID-19, Digital banking has become a global trend as consumers continue to move all their financial transactions to online and mobile channels. This has changed the financial industry landscape, accelerating the need for digital transformation throughout the banking and finance sectors.

All organizations and economic agents, particularly financial institutions, and banks, are going through a significant digitalization process.

One such solution being adapted by financial institutions is eKYC (electronic Know Your Customer). This involves using modern technological staples such as artificial intelligence (AI) and machine learning (ML) to transform and optimize processes. eKYC enables complete digital onboarding capabilities that enables remote identity verification and management and can be tailored for banks and telecommunications companies and their individual online client acquisition frameworks.

Another important development connected to eKYC is the integration of ML based next-gen Digital Lending Platforms that enable end-to-end intelligent solutions for credit scoring and lending. This is more prevalent during modern times as customers look for new and convenient banking experiences powered by Digital. Coupled with AI/ ML-based digital KYC platforms – those that are paperless and error-free – allows for secure KYC data collection, ensuring comprehensive coverage of the entire digital banking process, accounting for each stage of the customer life cycle.

Here at Bridge Advisory & Consulting, we strive to fill the existing digital gaps by fast-tracking the integration of such solutions through partnerships with key global industry players with the goal of offering next generation lending management and eKYC solutions to the Sri Lankan market.

Digital Banking - Bridge advisory

Such software solutions will help organizations overcome the challenges usually faced when manually onboarding customers, negating the occurrence of time wasting due to long, drawn-out processes, significantly reducing the occurrence of money laundering and fraud, outright preventing cyberterrorism and identity theft, all while ensuring total regulatory compliance.