Virtual bank is a game changer that transforms the way people manage finances. Without visiting a brick-and-mortal 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.
Providing convenient and safe service remains the top requirements for virtual banks, which is also the most crucial challenge. Every financial service start 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 enterprise itself and customer information becomes a must.
Further more, if the financial services must assume the higher level of risk, a stricter identity verification is necessary. According to Taiwan regulation, user needs to pass the highest security level to acquire a higher transfer limit for digital banking accounts. However, if 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.
Using Authme eKYC solution, the user identity can strictly confirmed in 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 conduct 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 ID card, which can effectively defends advanced identity fraud attacks.
By utilizing Authme NFC proprietary technology, users can directly tap Citizen Digital Certificate by NFC-enabled mobile phone to upgrade financial account 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.
Experience remains the key to win the hearts of 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 utilizing edge computing technology, which enables customer to get verification results in real time. With Authme solution, enterprises can now remove friction from your customer experience and lower drop-off rate efficiently.
With Authme eKYC Solution, virtual bank 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.
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.