Category Archives: Blog

Why Digital Onboarding and eKYC are Key to the Financial Sector’s Success



According to Economic Times, the pandemic has radically reshaped every aspect of people’s daily habits due to extraordinary conditions and safety regulations. New priorities, concerns, and preferences have dramatically changed consumer sentiment and behavior in financial services. A BCG report indicates that consumers nowadays have become more demanding of digital experiences with the rise of online banking use by 23% and mobile banking use by 30%.


To see how the Banking sector transforms into a Digital Model



As stated by Deloitte, the bank of the future needs to transform boldly by embracing emerging technology, grasping open banking models, and adopting the customer-centric approach in every digital strategy. Amid the wave of financial technology (FinTech), the competition of attracting and acquiring new customers has never been higher. A new solution called electronic Know Your Customer (eKYC) for opening accounts provides customers with a seamless onboard experience and reduces paper-based procedures. This is the very first step of developing digital banking in this ever-changing environment to continue staying ahead. 

Let’s start with a definition of eKYC for Banking and how it accelerates the onboarding process in 2021. 

What is eKYC?

eKYC is an evolution of the current Know-Your-Customer (KYC) procedure, which essentially relies on physical copies of original papers to identify and verify a customer’s identity. This is a remote, paperless verification method that minimizes the costs, assesses risks, and detects frauds in online transactions, including account opening, loan, and payment registration.

As per the Prevention of Money-Laundering Act, 2002 and Prevention of Money-Laundering (Maintenance of Records) Rules 2005, banks have to collect personal information before performing any financial transactions. To prevent money laundering, terrorist funding, and financial mismanagement, eKYC involves the electronic submission of identity evidence, address proof, and other biometric information. With eKYC, bank account opening and customer onboarding are much easier, as customers do not need to go to branches or wait weeks for identity verification.





eKYC is an electronic document authentication for banks to verify and consolidate customer information.


Importance of eKYC in the digital onboarding process

Previously, face-to-face meetings were required for opening bank accounts (customer onboarding). Not only does this consume a significant amount of time, require a lot of manpower, it also lowers the level of customer satisfaction. Therefore, an onboarding process with less human contact on multiple digital channels by eKYC is a revolution. With the advances of new technologies (AI, digital systems, mobile applications, etc.), banks and other financial services companies can now boost efficiency in business processes, avoid security risks and, eventually, stay ahead of the fierce competition.

The eKYC procedure helps banks identify customers to ensure that they are eligible for the services/products without face-to-face interactions. The identification and verification of the client’s identity occur immediately, helping banks to increase their conversion rate and offer a seamless experience to their customers. Weeks needed for its completion become hours, thus vastly improving the customer onboarding process.

eKYC procedure helps banks identify customers to ensure that they are eligible for the services/products without face-to-face interactions.


Benefits of eKYC in the digital onboarding process for banks

1. Improve Customer Experience & Onboarding

Customers are now comfortable using online channels. They are mostly influenced by personalization and customization provided through digital offerings. According to the Signicat Report (2020), onboarding is one of the most crucial areas where providers are failing. The report also shows that 68% of consumers expect 100% digital onboarding due to the unprecedented nature of COVID-19. The digital onboarding process with eKYC refrains customers from entering their information multiple times. Regardless of what channels they choose via mobile app or website from starting to provide personally identifiable information (PII) to finishing applications at their own convenience. Customers are offered a radically simple, fast, and seamless onboarding experience.

2. Significant Operational Efficiencies

Apart from creating a customer-centric experience, applying eKYC in digital onboarding also helps banks to improve operational efficiency. It allows banks to standardize and automate technology, procedures, data, and organizational models. Moreover, banks can also decrease redundancy and wasteful procedures through rationalizing systems and synchronizing processes across departments.

Banks can expect to avoid repeating onboarding processes and evaluations when they use an e-KYC tool. As a result, time-to-revenue is significantly faster, overheads are cheaper, and customers are less likely to abandon the applications.




3. Reduce Paper Usage and Document Loss

eKYC is a paperless solution that eliminates the need for paper documents. By being environmentally friendly and employing a cloud-based internet system, banks may decrease their carbon footprint. Not only does going paperless help preserve the environment, but it also helps cut down on the expenses of standard KYC compliance.

Moreover, the eKYC system aids in the security of client data and the prevention of missing papers. It saves banks from being overwhelmed with records and paperwork which are stored traditionally.

Using eKYC, banks can reduce paper usage and save operational costs.


4. Prevent Fraud Risk 

Customer onboarding is the beginning of a customer’s relationship with banks. The onboarding process is an essential part of the Fraud Risk Management Program as it verifies that people are who they say they are. eKYC verification using biometric markers can cross-reference multiple data points by combining ID document verification with distinguishing biological traits. Besides, the ID verification process flags abnormalities in customer’s identity like out-of-date or mismatched information. Therefore, it supports banks in increasing system security, minimizing online fraud, while maintaining customers’ trust.




LET DIGI-TEXX HELP YOU

With strong expertise in intelligent Documents and Data Processing for Banks, DIGI-TEXX support customers by providing a solution that shortens processing time, bring a new experience to potential customers, and motivates insurance sales agents.

eKYC enalbles banks to deliver a seamless client onboarding process that complies with KYC standards while reducing fraud risk.

In a couple of seconds, our solutions offers the following:

• Auto extract data from the insured’s identity documents (ID card, birth, certificate, etc..)
• Auto verify the extracted data against their declared information
• Auto transfer the verified results to the insurance company to coutinue the approval process


What is the secret to a quick and efficient Online Onboarding process?



Reaching new customers through online media is a crucial technique to retain sales during the ongoing pandemic. The main challenge is how to manage the provided information from customers in both an accurate and confidential manner, as well as how to proceed rapidly to the contract signing stage.

As soon as a new customer’s information is received, the system extracts data from identity documents, compares it to the declared information, and delivers the matching results straight to our client’s system. This crucial step assists the clients in making a choice to supply services and products more rapidly.


Digitize Historical Documents to Preserve Human Knowledge



Historical records are a rich source of information that provides insight into various historical periods. A smart solution is needed to maintain this valuable resource to minimize text fading due to time, force majeure events such as fire and explosion, and to make searching simpler.

DIGI-TEXX has more than 18 years of experience digitizing and preserving historical documents, including different types of old printed and handwritten characters of 30 languages from the 14th century. Contact us for further advice.


Digitize Paper Documents to Empower Work-From-Home


The growing COVID-19 has once again disrupted company activities. In compliance with Government’s Directive 16 issued in Vietnam, many businesses are obliged to instruct employees to work from home. The issue is how to move paper records across departments without taking too much time and effort in searching documents. And also to easily access or quickly share with others in remote working.

DIGI-TEXX assists companies in resolving this issue. With data scanning and automated extraction from images and hard copies into a digital format, your employees will be able to access documents at home. This allows internal departments to share and coordinate securely and conveniently. Please contact us to request a demo.

Customer Service for E-commerce Platform


Excellent and professional customer care is a vital factor in any organization’s success. If companies are not taking care of their customers, competitors will. Customer care requires round-the-clock support, at any time, anywhere, on any device. This may cost organizations large investments in time, resources, hardware and software, and DIGI-TEXX is pleased to be of assistance.

DIGI-TEXX provides Customer Service for E-commerce Platform, which fully manages Published Content on the platform, Users Management and Voice & Non-Voice Customer Support.

Our team of professionals will satisfy your end customers by delivering 24/7 support in multi-languages (Japanese, Vietnamese, Chinese, German, etc.)

How DIGI-TEXX Minimizes Energy Consumption by Raspberry Pi


2021 must be the year for climate action’, said United Nations Secretary-General António Guterres at the launch of WMO’s report on the State of the Global Climate 2020.

As a German BPO/IT company based in Vietnam for over 19 years, DIGI-TEXX acknowledges the impact of IT companies on climate change. We minimize energy consumption by replacing power-hungry hardware and integrating the low energy-consuming technology of Raspberry Pi into the IT environment.

It is used for research, development, data storage, demo purposes, and environment infrastructure testing.



Automation of Insurance Policy Issuance


No Human Touch. The process takes 3 steps in only a few seconds:

– Auto extract data from the insured’s identity documents (ID card, birth certificate, etc.)
– Auto verify the extracted data against their declared information 
– Auto transfer the verified results to the insurance company to continue the approval process


The solution shortens processing time, brings a new experience to potential customers, and motivates insurance sales agents.

Facial Recognition Access Control to enhance Security System


No finger touch, no physical interaction, minimize the risk of getting infected. The pandemic has returned with an outbreak of 1,472 new infections since April 27. As directed by the municipal government, local authorities put the anti-corona virus mission on the top of the priority list, reported Tuoi Tre Online.

DIGI-TEXX has been equipped with facial recognition technology to help the Covid-19 screening effort, replacing the fingerprint security scanner. This is not only to put the company security at a higher level but also to effectively protect our employees and visitors from the pandemic.

Electronic Case Management System



Time flies.
Ink fades.
Only digital data stay.

No more papers. No more binders. Why not replace the use of paper forms in the inspection with a web-based application that is available on any digital device?

With this solution, DIGI-TEXX aims to not only digitize & standardize the inspection work processes but also to enhance the compliance monitoring quality among different offices and industries in Vietnam.

Find out further information about our Digital Inspection Tool for Government

Insurance Claims Automation


43% of the insured decide to change insurance companies because they are not satisfied with the traditional claim process. There are too many paper documents to handle, too complicated verification stages to proceed, which makes the waiting time for claiming up to 2-3 weeks.

Apparently, automating the insurance claim process is now a trend. DIGI-TEXX provides a solution that helps insurers to process and classify data automatically 24/7, verify data and detect possible risks and errors, ensure data quality and accuracy WITHIN ONLY 5 MINUTES.

Find out further information about our Automation Claim solution for the Insurance sector