eKYC (Electronic Know-Your-Customer) has been the subject of conversation in the city for some time, especially after Bank Negara Malaysia published a draft for local bank players to implement the technology in their banking solutions.
Note: eKYC is a verification process that confirms a user's identity for online transactions. If you've recently signed up for Boost, Grab, or any other e-wallet, you've gone through an eKYC process that prompts you to send pictures of your IC or do a video capture review.
In the early days of KYC, the process would take more than 15 minutes, and with video KYC recording, the process may take less than 5 minutes to complete.
There was a problem with KYC. Not many people are willing to drive to a physical store and then look for parking spaces to authenticate and verify a transaction. Therefore, eKYC is now the right way for convenient review processes.
For users, adding eKYC meant you could be able to open a bank account without putting your foot in a bank.
For this reason, a fully digital CIMB branch in the Philippines received 2 million registrations in the first year of operation, of which 30% were bankers for the first time.
However, WISE AI, a Malaysian artificial intelligence (AI) company, believes that its process is faster, more trustworthy, and, above all, can be done in less than a minute.
Accelerate the eKYC process
The team found that the eKYC process known as eKYC110 has a simple meaning behind its name.
“From start to finish, the customer needs less than 1 minute to complete the process. 1 second so your company can authenticate it with 0 workers required. This is how eKYC110 was born. "
WISE AI believes millennials are unwilling to waste time and money just to verify a transaction. Adding the eKYC110 solution to your business increases a customer's opt-in rate while reducing business costs.
Justin Goh, co-founder of WISE AI, demonstrates Ridwan Kamil – Governor of West Java, Indonesia – WISE AI technology / Photo credit: WISE AI
Keep your customer's information safe
Since eKYC essentially means data collection, people may fear that their data will fall into the wrong hands.
The team assured us that WISE AI uses one of the largest and most secure international cloud providers more than 70 security and compliance accreditors worldwide. They also said that their cloud facilities also have end-to-end encryption.
The available data is also transmitted over a secure channel, and all of your processes and API resources are then tokenized.
How does a company use eKYC110?
eKYC110 is also API-enabled and this means that it is just a simple plug-and-play system. The team will also provide companies with Web SDK and Android SDK to optimize their processes and eKYC solutions.
One of the conventions that WISE AI has established / Image Credit: WISE AI
To perform an eKYC check, the user must go through face recognition, optical character recognition (OCR), ID card recognition, landmark recognition and hologram recognition. All technology used is the property of WISE AI.
“With our proprietary eKYC technologies, our partners were surprised that The time required was reduced by up to 95% compared to the manual KYC process. "
In terms of pricing, the team said it supported both companies and system integrators. If you register now, companies can get one 3-month freemium model of WISE AI offers before switching to an OptEx-friendly subscription model.
Using AI can help prevent fraud by combining supervised and unsupervised machine learning. The team said unattended machine learning is great for finding anomalies, interrelationships, and valid connections between emerging factors and variables.
While monitored machine learning is characterized by examining events, factors and trends from available data. With these combinations, the AI can decide in real time whether wrong users or spoofing should be recognized.
Expansion of their footprint in ASEAN
According to the team, WISE AI has received several awards. They are the first company in SEA to receive two awards in the Startup and R&D categories at the ASEAN ICT Awards. The event was organized by the Ministry of Technology from 10 ASEAN countries.
They were also invited to speak about electronic ID and eKYC technologies at last year's United Nations conference in Bangkok.
Representation of Malaysia at the UN conference: David Lim, co-founder of WISE AI, with Wan Zulhamli, Head of Strategic Research & Advisory Cybersecurity Malaysia / Photo credit: WISE AI
WISE AI has also partnered with several companies and has contracts with the Central Bank of Malaysia subsidiary, local banks, insurance companies, e-wallets, crowdfunding companies and even government agencies.
“Our solutions help our partner shorten 95% of the onboarding review process and cut application processing time from days to just a few minutes. And our solution also promotes social distancing. "
- Find out more about WISE AI here.
Selected image source: WISE AI