Best eKYC development service for banks

Banks have long been a bastion of KYC (know your customer) compliance and with good reason. The consequences for not properly verifying the identities of customers can be severe, both in terms of regulatory penalties and financial losses due to fraud. 

However, meeting KYC requirements is becoming increasingly difficult as regulations become more stringent and customers expect faster, more convenient service. In this post, we’ll explore how eKYC development services can help banks overcome these challenges and provide a better experience for their customers. Stay tuned!

1. SmartOSC

SmartOSC’s provider specializes in ekyc software for banks and other financial institutions. Customers can use their technology to accurately and automatically check and extract data from photographs and documents.

Integrated OCR, Face Matching, Vividness Detection, and Artificial Intelligence (AI) technologies enable businesses to create fully integrated digital experiences. For SmartOSC customers, online ID verification takes only a few minutes. Following that, clients will no longer need to visit physical branches to open an account.

2. Agreement Express

Fraud has evolved into a profitable business model, with an entire fraud as a service niche. KYC was previously viewed as a necessary cost of doing business; however, it is now evolving to become a strategic competitive advantage. However, if businesses are not constantly looking for innovations in the KYC field, they are unknowingly exposing themselves to new risks.

At this time, Agreement Express is expanding its library of 100+ scoring rules and integrations, with more integrations being added every quarter and made available to all clients. In a nutshell, Agreement Express offers innovative solutions, such as KYC, that promote revenue growth, increase profitability, and reduce servicing costs by simplifying compliance and optimizing the onboarding experience.

3. ComplyCube

ComplyCube created a comprehensive platform to provide a sleek and versatile IDV solution. The platform uses AI, trusted data sources, and human experts to provide a robust KYC framework, fostering greater trust on the internet.

Businesses can easily integrate verification flows into existing onboarding processes using ComplyCube’s no- and low-code solutions. “This makes our platform a one-stop solution that adapts flexibly to any business’s unique risk-based approach, in accordance with the current regulatory frameworks and best practices,” says Dr. Tarek Nechma, CEO of ComplyCube.

4. TeleSign

TeleSign assists businesses in assessing risk, authenticating, and verifying the identity of each new user, allowing them to establish trust in milliseconds. As a result, businesses can prevent synthetic identity fraud and fake users without adding friction to the end-user experience.

Furthermore, businesses with KYC requirements use TeleSign’s identity verification to optimize KYC workflows and avoid wasteful checks for fraudulent and high-risk users, allowing TeleSign to establish continuous trust with a user’s phone number. The solution’s integrated machine learning and digital identity datasets validate each new user’s legitimacy, preventing bad actors from causing financial and reputational harm.

5. Ubisecure

The Ubisecure Identity Platform—an Identity & Access Management solution deployed in the cloud, on-premises, or in a hybrid approach that supports a wide range of customer identity-centric use cases—sets the company apart.

The platform can support individual and organizational KYC requirements of its clients, from customer registration-as-a-service to Single Sign-On (SSO) and risk-based authentication. “We take a “configure not code” approach to ensure that organizations can reap the benefits of modern identity management without having to build their own solution,” Waite explains.

Conclusion

Banks play a vital role in the global economy. They perform essential functions and services that contribute to the smooth running of businesses and economies. In order to continue providing these services efficiently and securely, they need to constantly evolve and update their infrastructure. 

One such evolution is the eKYC development service, which allows banks to verify the identity of their customers quickly and easily. If you’re looking for the best eKYC development service for your bank, look no further than us. We offer a secure, efficient, and user-friendly solution that will help you meet all your KYC requirements. Contact SmartOSC Fintech today to learn more about our service or to get started using it at your bank.