eKYC (Electronic Know Your Customer) is an electronic process for verifying the identity of customers. The goal is to use eKYC biometric technology to curb money laundering and enhance identity verification. In response to the growing threat of online financial fraud, the banking and insurance industries have adopted eKYC and AML (Anti-Money Laundering) standards to prevent fraud, money laundering, and fraudulent use of digital identity. Many banks and insurance companies also gradually import AI facial recognition technology into their systems to prevent payment fraud, deter financial crimes, and enhance customer identification and authentication processes.

Compared to fingerprint and iris recognition, which require specific devices for authentication, ioNetworks face recognition technology enables customers to use smartphones, laptops, and other terminal devices to provide a variety of financial-related services such as account applications and transactions. The paperless online service not only saves resources and reduces the time and cost required for the on-site procedure, but also enables customers to access financial services anytime and anywhere.

Due to the pandemic, the banking and insurance industry has launched online account opening and remote insurance services to reduce the risk of infection and maintain normal business operations. With the help of AI face recognition technology, the application process has been digitized to create a full range of fintech services. With eKYC technology, from account, credit, or insurance applications to transactions, contactless customer service and support can be done remotely. Financial institutions can already enter a new form of remote digital finance by implementing other financial technologies such as eKYC technology. This significantly protects business and personnel safety and effectively implements measures to prevent the pandemic.