Celloscope's e-KYC aims to transform the traditional customer onboarding process within the banking sector by introducing a fully digital and paperless system. This initiative is designed to simplify and expedite the customer journey, allowing for the instant opening of bank accounts without the need for physical paperwork or in-person visits. Through this approach, we aim to deliver a more efficient and user-friendly experience for both customers and banks. A key feature of this project is electronic customer onboarding. Customers can complete the entire process online, from filling out forms to account creation, all without the need to download, print, or physically submit any documents. The system ensures that bank accounts are opened instantaneously, making the onboarding process seamless and convenient.
To ensure security and compliance, customer identities are verified electronically using advanced biometric authentication. This is done by cross-referencing customer fingerprints and other biometrics with the Election Commission's central database, guaranteeing accurate and secure identity verification. Additionally, our system incorporates a thorough sanction screening process, which checks customers against relevant sanction lists to mitigate risks for the bank.
As part of the onboarding process, customers are required to complete a prescribed digital Know Your Customer (KYC) form. This information, along with the results of a comprehensive risk grading exercise, is securely stored within the system. The risk grading exercise is particularly important as it helps identify customers who may be considered high-risk or fall into specific categories that require additional scrutiny.
The primary objective of this project is to enable the instant, paperless opening of bank accounts. By removing the need for physical forms, printouts, and in-person verification, we provide customers with a fast, convenient, and secure banking experience. Our integration of biometric verification through the Election Commission’s central database further enhances the reliability and efficiency of the identity verification process.