How Virtual Banks Can Achieve Customer Satisfaction?

Virtual bank is a game changer that transforms the way people manage finances. Without visiting a brick-and-mortar branch, people can get frictionless access to financial services through their personal devices anytime and anywhere. Virtual bank brings a wide range of benefits that gains greater satisfaction for those who are fond of simple and convenient online services, especially busy office workers and tech-savvy millennials.


The Challenges


Providing convenient and safe service remains the top requirements for virtual banks, which is also the most crucial challenge. Every financial service starts with identity verification, if the process is complicated, the friction might make customers step back from the brand. On the other hand, while moving all procedures and services online, applying security compliance to protect the enterprise itself and customer information becomes a must.

Furthermore, if the financial services must assume a higher level of risk, a stricter identity verification is necessary. According to Taiwan regulation, users need to pass the highest security level to acquire a higher transfer limit for digital banking accounts. However, if a user needs to insert the Citizen Digital Certificate into a card reader and connect it to a computer to complete verification, the complicated procedure will lead to applicant abandonment.


The Solutions


Authme eKYC Solution, Create Seamless Experience

Using the Authme eKYC solution, the user identity can be strictly confirmed in a few minutes, which can help enterprises avoid high operation costs and provide a great user experience to customers.

Powered by AI and machine learning, the system uses OCR technology to automatically extract information from ID cards with over a 99.9% accuracy rate. Meanwhile, the system conducts ID fraud detection and provides real-time results of the card authenticity. The system also combines biometric authentication technology, establishing an active and passive liveness detection engine that determines whether the face is authentic and is corresponded to the face on an ID card, which can effectively defend against advanced identity fraud attacks.


NFC Data Reading, Make Digital Account Upgrade Easily

By utilizing Authme NFC proprietary technology, users can directly tap Citizen Digital Certificate by NFC-enabled mobile phone to upgrade financial accounts and simply increase the transfer upper limit within 10 seconds. To the institution, they can acquire 100% authentic personal information by reading a security chip and unlocking a digital signature. As for the customer, they can no longer suffer from preparing car readers and be able to enjoy a seamless financial experience.


Authme Helps You Stay Competitive!


Meet users’ expectation

Experience remains the key to win the hearts of the mobile generation. Authme solution ensures fast, simple, convenient onboarding process. With a smartphone in hand, customers can complete automated ID verification in three steps, within minutes. In addition, Authme’s AI model utilizes edge computing technology, which enables customer to get verification results in real time. With the Authme solution, enterprises can now remove friction from your customer experience and lower drop-off rate efficiently.


Reduce 90% of manual work

With Authme eKYC Solution, virtual banks can streamline verifying-related tasks, such as establishing identity verification mechanism and software, understanding and complying with KYC policy, which perfectly balances significant cost, time and resource challenges. Furthermore, Authme eKYC Solution helps coordinate all identity verifying history in one platform, so employees can manage customers’ information with ease and allowing them to focus on their core business operations.


Stay compliant with ease

All financial institutions are required to follow KYC policy for the sake of customer data protection. Just as Authme’s slogan says, “Verify Identity, Rooting for Security.” Authme’s solution meets ISO29115 authentication assurance framework and GDPR (General Data Protection Regulation of EU) to ensure following the highest principle around the world.


Want to upgrade the security level of your system and create a great onboarding experience? Visit our website to learn more or get in touch with Authme’s experts!

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