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Automating the account opening process with eKYC solutions

Context

In the digital transformation process of the banking industry, allowing customers to open accounts online directly on the Mobile Banking app has become a strategic priority. However, to implement this effectively, banks not only need a quick registration experience but also must ensure high accuracy in identity verification to minimize legal risks and financial fraud.


Business challenge

Before implementing eKYC, many banks faced common challenges in the customer onboarding process:

  • High dropout rate:The traditional registration process often requires customers to visit a branch or go through multiple manual verification steps, which is time-consuming and reduces the completion rate of registrations.
  • Increasingly sophisticated fraud risks:Forms of identity document forgery, using re-captured images, replayed videos, or deepfake technology are becoming more common, putting significant pressure on the identity verification system.
  • Operational pressure for the post-verification department:Manual cross-checking between portrait photos, identity documents, and declared information takes a lot of time for the operational team, while also increasing the risk of errors.


Solution from Minh Khang RealTech

To address this challenge, Minh Khang RealTech implements an eKYC system integrated directly into the account registration flow on the banking app, helping to automate the entire identity verification step.

1. Automatic data extraction using OCR

Customers only need to take a photo of their ID card, and the system will automatically recognize and extract important information fields to fill in the registration form in about 2 seconds. This helps shorten data entry operations while reducing errors caused by manual input.

2. Face Matching

The system compares the live portrait photo with the photo on the identification document to verify that the person registering is indeed the owner of the document.

3. Liveness Detection

Customers are required to perform simple actions such as turning their face or smiling. This allows the system to recognize real people, effectively limiting forms of impersonation using photos, videos, or deepfake technology.


Results Achieved

After implementing Minh Khang RealTech's eKYC solution, the bank has recorded significant improvements in the account opening process:

  • Reducing account opening timefrom several days to under 3 minutes.
  • Enhancing user experience, thereby improving the registration completion rate of new customers.
  • Minimizing identity fraud riskby combining OCR, face matching, and liveness detection in the same verification process.
  • Reducing 80% of post-verification workload, allowing the operations team to focus on cases that require more in-depth processing.


Value Delivered

The eKYC solution not only helps the bank digitize the onboarding process but also creates a balance betweenspeed, customer experience, and risk control capabilities.This is an important platform for financial organizations to expand their new customer base, optimize operations, and increase competitiveness in the digital age.