Relevance of Jukshio KYC solutions in the banking industry

What are KYC and its relevance in Banking and Financial institutions?

Any economy’s main propellers are the banking sector and financial institutions. KYC (know your customers) is an important step in their procedure for onboarding new clients. It helps the banks and the government understand the customers’ financial situation and confirm the customers’ legitimacy in addition to their sources of income.

The banking industry is concerned about the KYC process, proper document verification, false positives detection, and fixes for flawed ML models because digitalization has changed the needs of the consumer. Focused on modernizing KYC types, hassle-free KYC, and multi-document coverage are the latest technological advancements.

Banking KYC solutions with Jukshio: Your security, our concern

KYC mainly involves a customer identification program (CIP), Customer due diligence (CDD), and ongoing monitoring. A combination of CIP and CDD authenticates the individual’s identity and other risk involvement factors against checking their or the government’s databases. Our technology enables you to pick from a range of KYC solutions. From individual-driven KYC to agent-based KYC, and virtual KYC that suits banking & financial industries the best.

Our highly scalable platform can help you tackle various offenses such as money laundering, terror funding, tax evasion, and so on. The reliability and precise data identification help banks in auditing customers’ backgrounds as well as making the entire onboarding process smooth and convenient for all.

Risks, issues, and relevance of Jukshio KYC solutions

If we give the issues a cursory perspective, the product lag and outdated methods in various digital KYC methods, that eventually lead to a delay in process completion. Not covering the broader area of documentation and the customer needs is also discovered as a bottleneck in generating further sales for the client. Considering these facts, Jukshio’s solutions included deep data analytics (such as root cause analytics) and technological advances (such as false positive detection and customization by default) in scanning and covering multiple documents during the KYC process.

What’s more, Jukshio was equipped with three types of KYC architecture that are the brand’s specialization.

Self KYC: This is when KYC is done by the individual using their phones

Assisted KYC or DKYC: When an assistant or an agent hired by the organization approaches the customer and performs KYC

Video KYC: It involves the added feature of facial liveness where the physical presence of the customer is checked by the program thus avoiding any fraudulent attempt

The simple integration involves coherent coding support and the following steps: SDK integration within 48 hours; Authentication via dynamic keys shared via offline method; Packetizing that consists of customer preferences; and finally the deployment of the product.

Deriving the blend of Jukshio KYC solutions and the Banking industry

Banking systems are getting digitized more extensively and the realization of putting almost every baking solution online is at its peak. Considering these factors, Jukshio has planned all its establishment to cover the market capitalization under the shed of the KYC segment. All sorts of KYC architecture are included and integration is said to be done within 48 hours. The user can have the option to become self-reliant in KYC (using self-KYC and video-KYC) and the assistant feels comfortable using the assisted KYC method. Other factors that are helpful are:

Solutions are up to 91% cost savers and reduction in 80% of operational expenses
Follow the rule of more digitalization and less human intervention
Up to 3 seconds of Paperless onboarding verification – a faster one
With less human intervention, lesser the errors
Customization by default

Conclusion: Estimating Jukshio’s upcoming years in the banking industry

Jukshio is well equipped in AML-driven Managed operations. Further development of IOTs and AI will certainly resemble their impacts in the KYC segment where Juskhio is already scaling at a pace.

Share on

Recent Blogs

How To Choose the Right Identity Verification and Know Your Customer (KYC) Service Provider

April 20, 2023 No Comments

Identity verification and Know Your Customer (KYC) compliance are critical components of any business that deals with sensitive information or transactions. These are primary and …

5 Key Benefits of Outsourcing Your Identity Verification and KYC Processes

April 11, 2023 No Comments

Identity verification (IDV) and Know Your Customer (KYC) processes are critical for businesses operating in industries such as finance, healthcare, insurance, travel, gaming, and e-commerce. …