The much awaited eKYC (Electronic-Know-Your-Customer) solution for digitally opening account has been launched by bKash. The eKYC app lets customers open their bKash account with instant activation. This paperless system of registering new customer will only require scanning the NID and taking photo of the user.
Using OCR (Optical Character Recognition) to collect data from NID, face detection technology and cross matching data with National Election Commission database is making the whole system more integrated and reducing a lot of operational complexity. And on the whole, eKYC is a hassle-free, secured and fast process which saves valuable time of both the customers and bKash.
After the launch of eKYC on 10 July, 2019, more than 26,000 agents and about 300 bKash Care, bKash Center and Distribution Acquisition Managers are registering new accounts through eKYC.
In this system, the respective fields of the eKYC form are filled up by an automated scanning process OCR to extract information from the NID. Then a photo is taken directly by the mobile phone and all the information are cross matched with Election Commission database. After proper verification, the system will automatically register the customer account and send confirmation message to both the eKYC app user and the new customer.
The process of opening an account through eKYC will not only make the customer's account opening process easier, it will also ensure to enhance due diligence by capturing accurate customer information. Many MFS providers in different countries, including China’s Alibaba have leveraged the benefit of eKYC to create a wide range of advanced services. Neighboring country India also could make their government services more dynamic by using eKYC.
Using eKYC, it is possible to ensure more security to the customers and provide more advanced services like micro-credit, insurance and so on. Besides this, real-time monitoring of customer data is also possible in case of any regulatory or service related issue.
At this moment, agents, bKash Care, bKash Center and Distributors are registering new customers using this interactive app. But bKash plans to render this solution directly to the customers so that they can open accounts by themselves.