There is a potential cost reduction of 90% in customer onboarding cost by enabling eKYC. The same study also indicated that digital identity could potentially enable 1.7 billion of the unbanked population to gain access to financial services.
E-KYC is a process in which approved entities query a digital ID system to authenticate or verify their customers’ identities and, in some cases, retrieve basic information about them. E-KYC systems can improve the onboarding process by reducing or eliminating paper-based procedures and record-keeping, which reduces cost and time spent on verification, making it more profitable to provide services to remote customers. At the same time, liveness detection enables combatting with fraudsters in onboarding process.