Global governments are requiring businesses, including financial and Telecom institutions, to verify the identities and affiliations of their clients. The identification processes, also referred to as customer due diligence (CDD) or Know Your Customer (KYC), are meant to identify and stop financial crimes, including money laundering.



Safe online transactions are now the foundation of any company trust as a result of the constant digitization of our daily life, and verification procedures should naturally evolve along their offerings. A trustworthy online identity verification procedure is necessary, given the rise in the frequency of digital interactions. Finding reliable, effective, and user-friendly identification techniques has always been difficult. In the telecom industry, eKYC, or Electronic Know Your Customer, is an overlooked yet important part of creating a fully digital customer on-boarding process.


THE IMPORTANCE OF EKYC

Bridging the gap between technological prowess and user security, eKYC is the modern answer to identity verification challenges. In essence, eKYC is a method that digitally optimizes how businesses confirm the identity of their clients, ensure digital KYC compliance, and prevent money laundering and financial crime. The solution offers more benefits to Telcos and Institutions rather than just an ease of use and process.

Digitalization of customer onboarding – eKYC makes it possible for customer onboarding to be fully digitalized, which is a critical first step towards digitizing the entire customer journey.

  • A friction-less user experience - End users can present the necessary documentation and prove their identity without having to visit a physical store. They can finish the entire process from the comfort of their own home because it is entirely digital.
  • Prevents SIM fraud: eKYC offers a more secure identity verification procedure that uses biometric technology for immediate results in an increasingly digital world.
  • A more environmentally friendly KYC: Going digital reduces the use of plastic, paper, and CO2 emissions, which helps you cut down on waste and your carbon footprint.
  •  Reducing Security Risks: Although digital spaces are convenient, they are also full of dangers, like identity theft and cyber fraud. The first line of defense against these online threats is eKYC.
  • Optimizing Business Dynamics: In the age of on-demand services, companies need to respond quickly. Quick customer on-boarding is made possible by a digital KYC procedure without compromising security in the slightest.

THE ANATOMY OF INMOBILES RELIABLE EKYC PROCESS

A scalable growth strategy and staying on top of your company's eKYC requirements all depend on your partnership with the right provider. Therefore, while harnessing the power of its in-house AI and advanced ML, inMobiles has developed the latest in eKYC technology.