Strategies for Choosing
eKYC Solutions
About the White Paper
eKYC solution is one of the core pillars of the Digital Banking model. Now when most banks are relying on mobile apps to interact with customers, an end-to-end eKYC solution is the more relevant venue to onboard customers than manual processing that is traditionally conducted at bank offices.
This article will walk you through a number of key considerations when evaluating vendors for your eKYC solution. You will also find some tactics to question your bidders.
TABLE OF CONTENTS
PART 1
KEY TECHNOLOGIES AND FEATURES TO CONSIDER
- FRR and FAR
- Machine Learning
- Data Tagging
- Liveness Detection
- Blur & Glare Detection
- OCR
- Barcode Reader
- PCI Compliance
- Auto-Capture ID/Passport
- Expired IDs
- Black & White Detection
PART 2
BEST PRACTICES FOR TESTING EKYC SOLUTION
- Compare based on set criteria
- Set standards on the data sample
- Test both legit and fake IDs
- Test under poor conditions
- Test older versions of documents
- Check to see if the reason code has denied verifications
- Test with black & white IDs
- Test the time it takes to receive a verification result
KEY QUESTIONS TO ASK YOUR EKYC VENDORS
ABOUT US
KMS Solutions works closely with leading software companies across the globe to bring the most advanced and innovative technologies to Asia Pacific. The focus is to help organizations achieve their business goals through world-class fit-for-purpose solutions and proven industry best practices. KMS Solutions’ success is ultimately measured by the positive impact that it makes to the client’s business.