Knowing Your Customer (KYC) is the process of understanding and validating the authenticity of the business’ potential clients and risk that it might impose onto the relationship. KYC solutions enable access to detailed information ensuring the credibility of clients and expediting the client onboarding. KYC solution also automate previously manual processes and reduce repetition, saving time and money for the firm. The solution leverages on Algorithmic Risk Intelligence (ARI) and bank-grade digital KYC to eradicate the need for physical contract and manual verification and ensures satisfactory background due diligence. The Artificial Intelligence (AI) enabled solution automates complex regulatory process to significantly reduce the turnaround time and enhances user experience by hastening the customer onboarding process. The solution utilizes advanced cryptography for the securitization of digital contracts to mitigate potential risks. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

1. Customer onboarding in a box
Case study
Context:
A regional bank was seeking to digitalize
customer onboarding, while maintaining
compliance standards, through a series of
identification and verification measures.
Recommended configuration:
• It used biometrics and national ID for
identification, as well as for storing
immutable digital contracts.
• KYC processes, including running
background checks on customers were also
provided.
• The platform was also used to reduce the
frequency of false positives. Overall, the
solution brought down customer dropouts
by 66% and increased productivity by three
times, while improving compliance
standing.
Client impact:
• Removed need for physical contract and
manual verification
• Enabled automation of paperwork
processes
• Increased efficiency of customer
onboarding
• Reduced risk of fraud and forgery
• Increased productivity by three times
Contact us
Challenges of KYC processes
Digitally catering to regulatory
needs in real time
Eliminating the need for manual
verification of calls and address
visits
Reducing duplication of KYC
documents and paperwork
Accelerating lengthy back-office
processes
Optimizing resource allocation to
reduce operational cost
Enhancing customer onboarding
journey by reducing identity
verification time
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Solution benefits
Enhanced user experience1 Fast transformation and integration2
Scalable and improved backend
operations3 Secure and private verification4
Proprietary digital trust solution
ARI
Algorithmic risk
intelligence (ARI)
ensuring enhanced
online due diligence
Digital KYC
Bank-grade digital KYC in
real time
Digital contracts
Securing digital
contracts using national
or corporate ID and
biometrics
Distributed
ledger technology
Leading-edge tech capabilities
National
identification
card KYC
authentication
Advanced
cryptography
AI and machine
learning based
core regulatory
engine Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

2. EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction and advisory
services. The insights and quality services we deliver help build
trust and confidence in the capital markets and in economies the
world over. We develop outstanding leaders who team to deliver
on our promises to all of our stakeholders. In so doing, we play a
critical role in building a better working world for our people, for
our clients and for our communities.
EY refers to the global organization, and may refer to one or
more, of the member firms of Ernst & Young Global Limited, each
of which is a separate legal entity. Ernst & Young Global Limited,
a UK company limited by guarantee, does not provide services to
clients. For more information about our organization, please visit
ey.com.
© 2018 EYGM Limited.
All Rights Reserved.
EYG no. 011378-18Gbl
ED None.
This material has been prepared for general informational purposes only and is not
intended to be relied upon as accounting, tax or other professional advice. Please
refer to your advisors for specific advice.
ey.com