FROM KYC TO EKYC: DIGITAL TRANSFORMATION
All businesses and economic agents, especially financial institutions and banks, are experiencing a drastic process of digitalization. Digital transformation has been part of the most relevant changes in organizations in the last decade, making that those who forget this task to lose opportunities in their sector or even disappear.
Companies and organizations are struggling to transform and digitize processes that seemed difficult to automate and get remote. However, specialized businesses have appeared in order to achieve this task, using cutting-edge technologies such as artificial intelligence and machine learning to transform and optimize processes.
Companies we categorize as have appeared RegTech, accompanying businesses in the application of regulations and legal procedures with solutions that optimize, improve and reduce the costs of these processes.
WHAT IS ELECTRONIC KYC?
eKYC is the expression used to describe the digitalization and electronic and online conception of KYC processes. eKYC (Electronic Know Your Customer) is the remote, paperless process that minimizes the costs and traditional bureaucracy necessary in KYC processes.
Falsification of identity, signatures and phishing is very common. Specialist businesses dedicated to technological compliance solutions have developed completely secure eKYC processes with zero margins for the commission of these counterfeiting offences and related crimes.