Company Name:
INNOV8TIF SOLUTIONS SDN BHD (958965-W)
Sector
Digital Services, Digital Cities, Digital Health, Digital Finance, Digital Trade, Digital Tourism, Islamic Digital Economy, Transportation
Tech Enabler
Cybersecurity, Artificial Intelligence (AI) and/or Big Data Analytics (BDA)
Support Sustainability or ESG
Yes
Overview:
Innov8tif has enabled an investment bank to digitally onboard customers through the implementation of a Digital Customer Onboarding (DCO) platform, EMAC eKYC APIs and consulting work.
The client was previously reliant on in-person user sign-ups through bank branches or relationship managers. After working with Innov8tif, the client has diversified their user onboarding channels, increased total sign-ups, and improved workflow efficiencies.
Innov8tif's involvement is broken down into 3 key areas:
- Consultation work regarding user journeys, system architecture, regulatory compliance, and more.
- DCO Implementation, which consists of both the backend and frontend development. Through DCO, users can perform contactless registrations and have fallback systems in case of sign-up failures. The client is also given an administrative dashboard to perform manual actions, review audit logs, generate reports, and more.
- EMAS eKYC, which is an AI-powered technology integrated with DCO that ensures users are genuine, authentic, and legitimate during the sign-up process.
The goal of this project is to ensure that the client is able to onboard users 24/7, reduce inefficiencies whilst remaining regulatory compliant.
Pain Points:
- The client originally serves high-net-worth investors residing in Malaysia, both locals and expatriates. This target segment relies heavily on relationship managers and physical bank branches for user onboarding.
- The bank is looking to expand its customer base to retail investors through new products with a lower barrier to entry. This segment lives a more digital lifestyle and higher expectations towards convenience.
- Hence, the client is looking to enable 24/7 user onboarding by diversifying into digital channels.
Solution/Services:
EMAS eKYC serves as the core of the user registration process. After submitting a sign-up request, the users then capture their ID and face using their personal devices.
Key Features and Functionalities
- Liveness Detection: Ensures that the user capturing the selfie is a genuine person. It prevents common spoofing attempts, such as using printed photos and screens displaying another person’s profile photo.
- Document Authentication: Ensures that the captured ID is legitimate using holographic checks, font checks and more. It also detects signs of the ID being tampered with. For this project, EMAS eKYC accepts MyKad and international Passports, but the system can accommodate various types of ID documents.
- Facial Matching: The system compares the user’s facial features from both the selfe and ID capture, ensuring that both are the same person and prevents impersonation attempts.
Implementation:
EMAS eKYC is implemented within the DCO platform, which also falls within Innov8tif’s project scope. It primarily consists of:
- A Customer Portal. Users can perform contactless registration via a personal device with an internet connection. It also facilitates fallback actions when users fail an authentication attempt.
- An Admin Portal. Clients can access a dashboard to review statistics, API usages, audit logs, contact Innov8tif’s support team, generate reports, perform manual actions, and more.
- A HIP portal that houses sensitive data surrounding user journey and relevant eKYC records. This database has tight restrictions, limited access, and is protected using industry best practices.
Benefit:
- This project has expanded the client’s customer pool, by empowering users with 24/7 onboarding.
- It also helps the client comply with regulations whilst reducing fraud risks.
- Up until the end of 2023, the number of customer sign-ups increased 720% since the project went live.