KYC (Know Your Customer) is a common term which refers to customer identity verification. This is a requirement set by providers of sensitive services such as banking, finance, telecommunications and Internet so as to prevent users from using services for illegal purposes such as money laundering and cheating.
eKYC uses new technologies such as face and writing identification, Big Data and AI to automate the verification process.
Verification with KYC is implemented through a very strict process to ensure that the users are real customers with real information. The process takes time because it involves many kinds of procedures and documents.
But the problem now can be solved thanks to electronic identification service, or eKYC.
eKYC uses new technologies such as face and writing identification, Big Data and AI to automate the verification process.
Of the products available in the market, the solution of automatically digitizing documents with BeeOCR developed by VVN AI proves to be optimal, with millions of users.
The solution won second prize at the VietChallenge completion in the US after gaining victory at Viettel Advanced Solutions Track 2019.
According to Nguyen Hoang Tung, CEO of VVN AI, he discovered the opportunity when offering consultancy to a German company. Tung and his co-workers decided to create an eID solutionto lead the market and be competitive with foreign rivals.
The engineers of VVN AI believe that the system will be useful for nearly all fields, from finance anf banking to insurance and public administration. Supporting the public administration system is the highest goal that VVN AI strives for.
Building solutions and algorithms for eKYC is not a difficult job for VVN AI which has a lot of experience. The biggest challenge is that Vietnam still doesn’t have good original data systems.
For example, the fonts used by ID cards are different. “I found three or four kinds of fonts, but Vietnam’s ID cards can be easily counterfeited,” he said, adding that in Germany, ID cards have 30 vein layers for security, which makes it easier to build an eKYC system.
The second big challenge for VVN AI is the confidence of the market. As a young company with a solution that remains unfamiliar in Vietnam, VVN AI at first could not gain customers’ confidence.
According to Cao Anh Son, CEO of Viettel Telecom, which uses VVN AI’s solution, the company has to scan 3.3 million documents a month, or 10 million scans. VVN AI’s identification tool has the processing speed of 1.2 second for one scan, or 16-25 times higher than the solutions of the firms which once provided services to Viettel.
To enter data manually, Viettel had to pay VND2,000 for every ID card. But with VVN AI’s solution, the cost has dropped to VND400-500, which saves VND40 billion a year.
VVN Ai has signed contracts to provide the eID solution to a number of large companies, including MobiFone, Vietnam Post, VP Bank, Lien Viet Bank and Post and Telecommunication Joint Stock Insurance Corporation.
