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eKYC (electronic Know-Your-Customer) has been the talk of the town for a while now, especially after Bank Negara Malaysia published an exposure draft for local bank players to implement the technology into their banking solutions.

Note: eKYC is a verification process used to confirm a user’s identity for online transactions. If you’ve registered for Boost, Grab, or any other e-wallet recently, you would have gone through an eKYC process where they ask you to send pictures of your IC or perform verification via a video recording.

In the early days of KYC, the process would take more than 15 minutes and with the inclusion of video KYC, the process can potentially be completed in less than 5 minutes.

However, a problem arose with KYC. Not many people are willing to drive to a physical branch and then look for parking just to authenticate and verify a transaction. Therefore, eKYC is now the way to go for convenient verification processes.

For users, the addition of eKYC meant that you can potentially open a banking account without even stepping foot into a bank.

And because of that, a completely digital CIMB branch in the Philippines managed to get 2 million sign-ups in the first year of its operation, and 30% of them were first time bankers.

But WISE AI, a Malaysian Artificial Intelligence (AI) company, believes their process is faster and more trustworthy and most importantly, it can be done in less than a minute.

Speeding Up The eKYC Process  

The team revealed that their eKYC process, known as eKYC110 has a simple meaning behind its name.

“From start to finish, the customer will need less than 1 minute to complete the process, 1 second for your business to authenticate it with 0 manpower needed. Thus, eKYC110 was born.”

WISE AI believes that millennials are not willing to waste time and money to just verify a transaction. So, adding their eKYC110 solution to your business will increase a customer’s opt-in rate while driving down the cost of business.

Justin Goh, Cofounder of WISE AI, demonstrating WISE AI technology to Ridwan Kamil – Governor of West Java, Indonesia / Image Credit: WISE AI

Keeping Your Customer’s Information Secure 

Because eKYC does essentially mean data collection, people could be worried that their data might end up in the wrong hands.

The team assured us that WISE AI is utilising one of the biggest and safest international cloud providers who have more than 70 security and compliance accreditors worldwide. They also said that their cloud facilities are equipped with end-to-end encryption too.

The data they have on hand is also transferred via a secure channel, and all their processes and API resources are then protected via tokenisation.

How Does A Business Utilise eKYC110?

eKYC110 is also API-ready, and this means that it is just a simple plug-and-play system. The team will also provide businesses with Web SDK and Android SDK to streamline their process and their eKYC solutions.

One of the conventions that WISE AI set up / Image Credit: WISE AI

To perform an eKYC verification, the user will have to go through Facial Recognition, Optical Character Recognition (OCR), ID Card Recognition, Landmark Detection and Hologram Recognition. And all the tech utilised in these is proprietary to WISE AI.

“Using our proprietary eKYC technologies, our Partners were surprised that the time taken has been reduced up to 95% compared to manual KYC process.”

In terms of pricing, the team said that they support both enterprises and System Integrators, and by signing up now, businesses can enjoy a 3-month freemium model of WISE AI’s offerings, before transitioning into an OptEx-friendly subscription model.

Utilising AI can help prevent fraud by marrying supervised and unsupervised machine learning. The team said that unsupervised machine learning is great at finding anomalies, interrelationships and valid links between emerging factors and variables.

While supervised machine learning excels at examining events, factors, and trends from available data. With these combinations, the AI can decide close to real-time in detecting fake users or spoofing.

Growing Their Footprint In ASEAN

According to the team, WISE AI has won multiple awards. They’re the first company in SEA to win two awards at the ASEAN ICT Awards in the Startup and R&D categories. The event was organised by the Ministry of Technology from 10 ASEAN countries.

They were also invited to speak at the United Nations Conference in Bangkok last year to discuss Electronic ID and eKYC technologies.

Representing Malaysia at UN Conference: David Lim the Co-founder of WISE AI with Wan Zulhamli the Head of Strategic Research & Advisory Cybersecurity Malaysia / Image Credit: WISE AI

WISE AI has also partnered up with multiple companies and their portfolio boasts contracts with Subsidiary of Central Bank of Malaysia, local banks, insurance players, e-wallets, crowdfunding companies and even government agencies.

“Our solutions help our partner to cut down the 95% of the onboarding verification process and shorten the application processing time from days to merely a few minutes. And our solution promotes social distancing too.”

  • Find out more about WISE AI here.
  • For additional info, reach out to WISE AI via email on info@wiseai.tech.

Featured Image Credit: WISE AI

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Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)