SMEs: livi Business Electronic Know Your Customer (EKYC) Account Qorus-Infosys Finacle Banking Innovation Awards 2024

Under the current market environment, businesses are seeking more liquidity to fuel their growth. However, the cumbersome account opening process often deters many business managers. They are in dire need of a solution that allows businesses to open bank accounts without stepping out of their offices.

livi has responded to this need by researching and designing a brand new SME account management system. The ultimate goal is to enable customers to open accounts entirely online, without the need to submit application materials offline. This digital management process significantly shortens the approval waiting time.

After thorough research by our business department, evaluation by our risk department, and design by our technical department, we have finally realized a completely digital online account opening process. This process includes tag-based account application, automatic customer data verification, customer risk assessment, and other steps in the application process management. This greatly enhances the customer experience.

SME online account opening, which relies on the liviApp, provides a clear data entry module. Customers can accurately fill in their basic company information, member composition, basic revenue, etc., according to the module. Riding on the API integration with a leading company search agency, livi has been able to transfer customer data in an encrypted and timely manner. This has enabled the bank to quickly verify the customer information, greatly reducing the potential for fraud and AML risks during the onboarding procedure. This robust data validation process has instilled greater trust and confidence in livi's services among both customers and regulatory bodies.