Electronic Know Your Customer (eKYC) is the digital equivalent of traditional KYC processes. eKYC processes are used by financial institutions to verify customer identities remotely and in real time. By leveraging biometrics, digital document verification, AI-driven risk analysis, and other technologies, eKYC improves the customer experience by streamlining onboarding with seamless verification checks, while strengthening an institution's compliance and preventing fraud.
Use case/ examples for eKYC (Electronic Know Your Customer)
Identity verification: Verifying identity during mobile banking account creation, using facial biometrics and ID scanning, including the performance of real-time identity checks via smartphone camera and the use of optical character recognition (OCR) to confirm document authenticity.
Regulatory compliance: Conducting Customer Due Diligence (CDD) at the time of onboarding using Mitek’s document and biometric verification tools.
Fintech onboarding: Automating KYC processes on fintech platforms to accelerate customer onboarding and maintain anti-money-laundering (AML) compliance.