Digital Customer Onboarding in Banking: A Systematic Review of Ekyc Technologies, Security Frameworks, And Fintech Innovations

Abstract

The recent years have witnessed the digitalization of banking, which has changed the process of onboarding customers. Before, it used to take one to visit a bank and fill out a form or do some paperwork in order to open an account, but it is possible to do most of the work online. eKYC, artificial intelligence, blockchain, and biometric verification are some of the technologies that have accelerated and simplified this process. However, faster processes need not be associated with a pleasant experience on the part of users. Most onboarding systems are focused mostly on speed and reducing manual activities, and because of the latter, the end user of a particular process does not necessarily have a clear picture of the process. The steps can be taken by people, but they do not always realize how their information is used and processed in the background. In the paper, these types of digital onboarding methods are discussed, and it is suggested that trust is not limited to the first stage of verification. It has to develop as the users will continue using the system. The study discusses a portion of the existing issues and suggestions regarding the means of simplifying the processes of onboarding systems and making them more transparent, safe, and clear.