RegTech Electronic IDentification has proposed a solution that would use biometrics to help people set up bank accounts at ATMs.
The company made the proposal in a new blog post, arguing that using technology would cut down the amount of time being wasted of both customers and bank employees to set up accounts the traditional way.
“To carry out the opening of a bank account, a series of procedures and steps must be followed,” the blog explained “The [know your customer] process is the indispensable procedure by which the organisation, institution or company verifies the identity of the client and registers it in the company’s database. This process has been digitised, being now called eKYC, [or electronic know your customer].”
The company continued that using video identification is a great solution for this as it provides a secure onboarding solution that is compliant with the EU’s Sixth Anti-Money Laundering Directive and eIDAS.
“Automating bank account opening process reduces costs, bureaucracy and speed up the procedure so that the potential customer will become client within less than three minutes,” the blog continued. “In addition to giving a fluid, pleasant and autonomous experience to the user.
“This process, integrated into ATMs, is also a way to attract customers quickly and easily in places where you have installed a terminal. We are not only talking about ATMs, but also about any electronic terminals with a camera in a commercial area or establishment. This is useful, for example, in airports, hotels or shopping malls.”
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