JurisTech (previously Juris Technologies) entered into a partnership with WISE AI, a company at the forefront of artificial intelligence (AI), optical character recognition, and facial recognition technologies. The partnership aims to revolutionise KYC processes in banking, insurance, fintech, telecoms, and other industries in Malaysia.
What are KYC and eKYC?
KYC (know-your-customer) is a process used by financial institutions, credit bureaus, insurance providers, and organisations of a similar nature to execute regulatory guidelines designed to prevent criminal activities such as money laundering, fraud, and other unlawful acts. It is also a process mandated by financial institutions to understand and authenticate their customers and their financial dealings to manage and mitigate various types of risks.
eKYC is an entirely digitised form of KYC utilised to on-board customers by increasing convenience and reach, as well as reducing costs incurred by financial institutions. According to Bank Negara’s eKYC guidelines draft, an essential aspect of digitisation entails the delivery of end-to-end financial solutions through online and mobile channels, supported by the adoption of financial technology.
JurisTech solutions with eKYC
With this partnership, eKYC features will be available with a selected suite of banking software solutions developed by JurisTech. These solutions are designed to accelerate digitisation initiatives pursued by local banks and play a significant role in the launch of the digital banks in Malaysia. The AI-powered proprietary tool developed by WISE AI partnered with JurisTech solutions will provide end-to-end, comprehensive software solutions fit for the needs of any financial institution, fintech company, insurance agency, credit agency, or a similar organisation.
eKYC features in Juris Access, one of JurisTech’s solutions, are utilised to on-board customers by speeding up the process of authenticating their identity. The new features include face detection, face image retrieval, face comparison capabilities, liveness detection, ID document recognition, optical character recognition, gender and age identifier, and a video verification tool for a live call authentication process. Authenticating customers used to take days or longer; now it could take a few minutes.
“Being in the thick of the action and seeing the evolving landscape, we understand the needs of financial institutions, particularly the customer on-boarding process. For that reason, it is our responsibility to build something truly powerful, bringing in eKYC and integrating it into our existing digital solutions. If a bank needs a loan origination system, JurisTech has a powerful suite that includes eKYC, application processing, loan origination, and even disbursement. That is the level of commitment we want to provide for the Malaysian market for digital customer on-boarding,” said Naaman Lee, COO of JurisTech.
Serving Malaysia’s interest
The combination of eKYC and JurisTech solutions is among the first of its kind, locally developed technologies approved by Bank Negara Malaysia. This combination not only provides superior customer experience, but also shortens the time of requesting and applying for financial assistance, insurance policies, and other types of applications involving financial institutions. Moreover, JurisTech solutions featuring eKYC will rapidly increase customer acquisition for financial institutions and digital banks.
The ongoing COVID-19 crisis is providing the perfect opportunity for financial institutions to accelerate their digital transformation. JurisTech strongly believes that digitisation of legacy processes, and the inclusion of eKYC features, is the way to move forward. Therefore, JurisTech continues to boost technological readiness to serve the Malaysian financial industry through developing the infrastructure that would create self-sufficient, reliable, and world-class banking solutions.
For more information, request for proposal (RFPs), and enquiries, please reach out to:
Tel: +60 3 2723 8600
Fax: +60 3 2723 8699