Article was originally published by TheStar.com.my
(From left) Aeon Credit chief marketing officer Shiro Ishida, managing director Yuro Kisaka, group CEO of CTOS Dennis Martin and CEO of CTOS Data Systems Sdn Bhd Group Eric Chin signed and witnessed the agreement to implement the CTOS eKYC solution.
KUALA LUMPUR: AEON Credit Service (M) Bhd, one of the largest non-bank credit providers, will implement CTOS Data Systems Sdn Bhd’s digital identity authentication solution or eKYC.
Aeon Credit said on Wednesday eKYC enables companies to analyse, verify and authenticate individuals’ identity in real time. This would be done using mobile and web-based solutions and resulting in faster customer response times and a seamless digital experience for customers, it said.
“By leveraging on the CTOS eKYC solution, AEON Credit will be able to onboard customers faster for financing and credit products, including credit card and personal loan applications, as well as product financing services, ” it said.
CTOS, which is Malaysia’s largest credit reporting agency, recently signed an agreement with Aeon Credit to implement the CTOS eKYC solution which will benefit Aeon Credit customers nationwide.
CTOS eKYC has a four-layer authentication process and has undergone extensive user testing and technology validation in Bank Negara Malaysia’s Fintech Regulatory Sandbox.
Following the Sandbox process, the CTOS eKYC solution has put in place the necessary safeguards to prevent fraudulent transactions while providing consumers with the ultimate user experience.
Aeon Credit managing director Yuro Kisaka said customer expectations are increasingly influenced by the speed and service experience they receive, especially from credit providers such as Aeon Credit, where significant focus is placed on the customer’s experience.
“By enabling customers to verify their identities digitally, we have the opportunity to future-proof and streamline our business practices at a critical juncture where we are more likely to gain more customers with superior standards of customer experience while customers can enjoy quicker response times.
“Aeon Credit is proud to be the first non-bank adopter of the CTOS eKYC solution and we expect transactions to grow significantly, ” Kisaka said.
CTOS group CEO Dennis Martin said credit providers worldwide have historically struggled to clear the regulatory compliance hurdles associated with properly knowing their customers.
“Manual identification and due diligence costs make it so that onboarding customers who generate less revenue is unprofitable.
“But with regulatory support and advancement in technology, eKYC is quickly being implemented internationally and across Asia, as companies are seeing its benefits and potential, including in financial hubs like Singapore and competitive markets like Japan, ” Martin said.