Digital Customer On-Boarding

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Are you really Jane?

 

Instead of locating the nearest branch, she installed the Bank’s e-banking app, and tapped on the “Register New Account” button. The app suggested Jane to get ready with two identity documents (ID).

She pointed her phone camera to her primary ID card, and her personal identification details shown on the card were automatically pre-filled into the app in less than 2 seconds. She then scanned her second ID – a passport, to strengthen her proof-of-ID scoring.

Subsequently, the front camera was launched by the app, and she was advised to nod down her head to verify that she was indeed, a live person. The app immediately matched Jane’s live face photo against her ID photo to prevent impersonation fraud.

Welcome, Jane!

 

Once verified, Jane proceeded to complete some further information required for onboarding. Without her realizing, the Bank performed an automated inspection of Jane’s ID cards scanned from the app, and checked her ID against the AML/CFT database to ensure compliance with stringent regulatory requirements. 

In 10 minutes, Jane’s new savings account was successfully created, and ready to receive her first salary! If she had to locate the nearest traditional branch, take a number and go through the queueing system to be served, she may not have chosen to start her relationship with this Bank that she “met” through a video ad.

Customer On-Boarding Anywhere, Anytime!

The digital banking journey begins from customer on-boarding. To the Bank, it has successfully acquired a new customer through a fully-digital channel at a much lower acquisition cost. Most importantly, the Bank is also appealing to a new segment of customers who are digitally-savvy without expansion in the capital and operating expenditures associated to new-branch opening.