May 30, 2018
A study of 22 banks (institutions + digital-only) across APAC, Europe, and the Middle East analyzing digital onboarding methods & eKYC techniques for opening bank accounts found that OTPs and selfies were the most prevalent modern identity verification methods for digital onboarding among those banks. Banks are leveraging modern technologies such as OCR, image analytics, computer vision, AI/ML/NLP, and biometrics to bring magic into onboarding.
Manual, paper-based onboarding processes are not only outdated but are also extraordinarily costly in comparison to fully digitized systems. In fact, 20X more so than computer-assisted, electronic document processing. Banks and credit unions can realize 40-90% cost reductions through careful deployment of workflow tools and digital onboarding capabilities for customers and staff.
The ability to bring innovative technologies and methods into generally inconvenient onboarding process is largely tied to ...