LenddoEFL, the Singapore-based company using artificial intelligence to help financial institutions onboard clients, has signed a partnership to provide its services to a bank in the Philippines.
Rizal Commercial Banking Corporation (RCBC) will use LenddoEFL’s solutions to give its customers a faster and more secure onboarding experience. Through the deal, RCBC will be able to tap into LenddoEFL’s end-to-end digital verification and authentication solution, which is also known as a know-your-customer (KYC) solution.
Lito Villanueva, executive vice president and chief innovation and inclusion officer at RCBC, said, “With digital KYC, consumers, particularly those who are unbanked, can open deposit accounts, apply for loans online, take out new insurance policies, do money transfers, and pay more than 2,000 billers through RCBC’s DiskarTech virtual bank in less than five minutes, anytime, anywhere. This is simply commoditizing customer convenience in an era when consumers prefer to interact through online channels.”
KYC solutions are a big deal. Between 2014 and 2018 almost $3.41bn were invested around the world into companies providing a KYC solution, according to RegTech Analyst’s data. That represented 34.5% of the global RegTech investment during that period.
Anti-money laundering solutions were the second biggest sector, with 28% being injected in the sector during that period.
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