Background

• Our client is one of the note-issuing banks in Hong Kong whose parent company is a British multinational banking and financial services company headquartered in London
• By adopting our eKYC solution, our bank client became the first traditional bank in Hong Kong to be able to conduct a complete KYC check for remote customer onboarding with the whole process being carried out on the applicant's own mobile device

Challenges

• Traditional KYC process involving physical document gathering and processing is not only labor intensive and time-consuming, but also could result in increased costs, manual errors, duplication of effort across different platforms within the bank
• The requirement for a face-to-face contact with the customer to conduct a traditional KYC process for account opening imposes a constraint to the bank to acquire new customers when such face to face contact cannot be made due to various reasons
• In view of the fierce competition from the emergence of virtual banks and customer expectation for a convenient and simple onboarding process, it is a priority for traditional banks to implement digital transformation to stay competitive

Solutions

• Integrated with the bank's backend system, Tradelink's eKYC solution enables the bank's customer to perform KYC check on the bank's mobile app for account opening without the need to go to a branch for physical identity verification
• Supports Hong Kong Smart Identity Cards from 2003 and New Smart Identity Cards from 2018
• The digital customer onboarding process includes the following steps:
1. ID document verification
   Require user to capture ID document for anti-forgery validation
2. Facial anti-spoofing with liveness detection
   Require user to blink his/her eyes to detect if a photograph/video/mask, instead of the person him/herself, was being used during the selfie capture
3. Identicalness Checking
   Compare the photo on the ID document with the selfie to confirm the true applicant
4. Two-step Verification
   Send a One Time Password (OTP) to verify user's mobile number and his/her identity

Benefits

• Significantly shortens the KYC process and account can be opened in 8 minutes
• Reduces the bank's operating cost
• Achieves a paperless KYC process and eliminates the risk of manual error
• Offers seamless experience to bank customers for account opening anytime and anywhere and saves customers' time as they need not to visit the branch
• Brings convenience to the bank's customers as they can set the online banking login and password at the time of account opening
• Convenient and simple onboarding process helps new customer acquisition