Business Forum • 13 May, 2024 at 9:28 AM
The implementation of e-KYC (electronic-Know Your Customer) solutions can generate an increase in the number of customers for telecom operators between 10% and 20% within the first three months post-implementation. This percentage varies depending on the efficiency of the existing enrolment process and the speed of the e-KYC solution implementation, according to an analysis by QOOBISS, a fintech company focused on process automation and specialized in developing remote identity verification solutions using video means.
Furthermore, according to the same analysis focused on the telecom industry, the use of e-KYC solutions by telecom operators has improved the conversion process and reduced the dropout rate in the enrolment process by approximately 20% in the first two months of using this type of service.
Last year, telecom operators in Romania faced a series of financial challenges, including significant cost increases, largely due to inflation and rising energy costs. This situation was common across the European telecom industry, prompting companies to reassess pricing strategies and manage cost growth while maintaining competitiveness and customer satisfaction.
In the context of the cost increases experienced last year by telecom operators in Romania, the implementation of identification solutions can offer significant advantages. These technologies allow for digital verification of customer identities, reducing the need for physical interactions and manual processes that are costly and slow.
"Companies that implement e-KYC solutions can reduce operational costs, waiting times for users, and clearly differentiate from competitors. These solutions not only streamline processes but are also compliant with regulations, making them essential in a competitive environment. By implementing remote identification solutions using video means, telecom operators can improve their operational processes, expand their customer base, and strengthen their market position", says Ileana Comănescu, KYC Global Product Manager at QOOBISS, a company that develops QOOBISS Identify, a 100% automated software solution that enables remote customer identification using the latest biometric and AI technologies, while complying with legal obligations regarding remote customer identification.
For the telecom industry, the benefits of implementing the QOOBISS Identify solution include:
- Enhanced Security: Implementing e-KYC solutions reduces the risk of fraud, as they provide a more secure means of verification compared to traditional methods. This is a valuable feature as data security becomes increasingly critical;
- Compliance with Current Regulations: Identification processes help telecom companies meet strict regulatory standards designed to prevent identity theft and protect both the provider and the customer;
- Reduced Costs and Increased Operational Efficiency: Remote customer identification using video means can reduce operational costs, as automating these processes eliminates much of the manual labour and reduces the time needed to activate services;
- Improved Customer Experience: Simplified identification procedures make the process of integrating customers faster and more efficient, leading to higher satisfaction and loyalty in the competitive telecom market.
How QOOBISS Identify Works
The QOOBISS Identify solution enables seamless synchronization with various identity document formats, offering a versatile and adaptable solution.
QOOBISS Identify is a 100% automated solution that allows remote customer identification using video means utilizing the latest biometric and AI technologies, and also complies with the current legal regulations.
The software solution provides rapid and accurate results regarding customer identification, aiming to validate identity based on the identity document. Through this solution, customers' identities are verified in accordance with privacy laws, anti-fraud legislation, and legislative requirements for the e-KYC process, thus ensuring compliance and safety of the identity verification process and reducing the risk of fines.
The QOOBISS Identify solution integrates quickly with existing internal systems, without requiring adaptations to operational workflows in the companies where it is implemented.