With more than 2400 startups, Indonesia’s digital economy and Industry 4.0 is arguably the fastest growing in SEA. Hence there is a need for a simplified eKYC/ eKYB digital onboarding solution.
Now as the country’s digital economy heads towards US$124 billion 2025, it is estimated that just the e-com sector would account for almost US$83 billion!
As part of this growth, it is also estimated there will be a continual increase in the number of fintech & ecom businesses.
Now we all know that all businesses are obliged to adhere to certain compliances and regulations. One such regulation is the eKYC(Know- Your- Customer) under Law No. 8 of 2010 & OJK Regulation No. 12/2018 on the prevention and eradication of money laundering.
What is eKYC & eKYB?
eKYC or electronic know your customer is a process that aims to verify customer identity accurately supported by government databases.
The KYC process is a mandatory compliance measure according to the Indonesian FInancial Services Authority(OJK), ensuring that financial institutions correctly verify their customers’ identities.
While the term KYC is commonly used for individuals; Corporate Onboarding requires broader and more thorough “Know Your Business”/eKYB check.
These eKYC & eKYB processes are the lifeblood of any business. An efficient e-kYC/KYB process is crucial for business success; as it ensures that the first interaction clients and customers have with your brand, fast, smooth and seamless.
It’s important to ensure that customers don’t lose interest in the application journey
In this blog, we’ll explore how PowerCred’s Digital Onboarding Solution integrated with government databases can revolutionize how businesses verify customer identity.
Why need an Integrated Digital Onboarding Solution to simplify identity verification?
Before we get into the details of why you need an “integrated onboarding stack”, let us understand the fundamentals.
What is a Digital Onboarding Solution ?
Digital onboarding solutions like PowerCred are a unified solution that validates customer KTP ,NPWP & also AKTA, other business documents and cross-verifies customer identity from government sources like Dukcapil.
This eliminates manual efforts and efforts and helps financial institutions stay compliant & fraud-proof.
Challenges of traditional KYC/KYB processes
Traditional identity verification processes are fraught with challenges:
- Low Accuracy Rates: Let’s address the elephant in the room; traditional KYC/KYB processes leaves room for errors and discrepancies because of the varied range of documents customers try to upload.
- Lack of Cross Verification: There are no tools to cross-verify data from government registered entities along with other bureaus. From KTP, NPWP verification to AKTA and other business registration documents; We got you covered!
- High Fraud Rates: Fraudsters exploit vulnerabilities in the onboarding process; manual verification can lead to fraudsters onboarding with fake documents
Now that we understand what is a digital onboarding solution and why it is needed; let’s look at how PowerCred’s Digital Onboarding Stack , eliminates all the above challenges
Transforming digital onboarding using PowerCred’s Data- Powered Onboarding Stack
Exploring PowerCred: You must be wondering what and who is PowerCred? So let’s get to know each other.
PowerCred simplifies business operations, by providing an easy onboarding and underwriting system. It helps financial institutions & other businesses to verify customer identity and access real-time information to reduce risks.
To understand the full scope of PowerCred’s offerings, visit the PowerCred website.
- No Training Needed: There is no need for labeling & sampling of documents needed, effectively eliminating the need of training the software
- Confidence Score: After cross-verification of customer information with government databases we assign Confidence Score with each customer, to verify customers instantly.
- Access to Central Databases: Cross-verify customer identity with central databases like DUKCAPIL, TELCO and other bureau records.
- Liveness Check: PowerCred uses facial cues like distance etc to perform liveness check on documents to further reduce chances of fraud.
What is PowerCred Apart from Digital Onboarding Stack?
Powercred’s helps financial institutions to digitally analyze their customers in order to properly assess their worthiness of a service or product. It does so by bridging the gap between Raw Data & Insight. With PowerCred, you can:
- Analyze Bank Statements and other financial documents
- Detect and prevent chance of fraud
- Conduct a holistic check on your customer’s profile
- Ensure 100% compliance with regulatory bodies like OJK.
Data-powered digital onboarding stack by PowerCred streamlines the onboarding process, saves time and ensures accuracy for all your teams, especially risk & operation teams. Financial institutions gain a competitive edge and free up resources for other growth initiatives.
Ready to experience the power of PowerCred’s Digital Onboarding Stack?
Get started with PowerCred today to control how customers interact with your platform.
