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- CNET307 (CNET307)
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Scope Statement (Version 1)Project Title: eKYC Mobile App
Date: November 4, 2022
Prepared by: Manveer Singh - Group 7
Project Justification: KYC has become a prominent prerequisite in every sector that
deals with money. The main function of the KYC process is to verify the customer’s
authenticity. Considering the traditional method of KYC, it needs customers to meet
the bank in person with a lot of paperwork.
Although there are several organizations that shifted to eKYC (Electronic-Know Your
Customer) which reduces the time for customers as well as the organization as there is
no need for in-person visits. However, there are still gaps in when implementing this
idea. The organizations are unable to track forgeries, terrorist funding, money
laundering, and other illegal activities in transactions. In the need to cease these
activities, there is a necessity for such an application which requires a superior level of
tracking and tracing. To ameliorate the implementation of KYC the ABC bank has
decided to inculcate numerous features in the application which will benefit customers
as well as the bank.
Product Characteristics and Requirements:
1. Simplicity – The application will contain several features with a
minimalistic user interface. It will be available in various languages, which
will allow users to communicate in their preferred language.
2. Availability – The application will be available for all mobile operating
systems free of cost. However, only the clients of the bank can use it
because the application will work with bank database, and it is not a
commercial application.
3. Performance and features – The key features include:
Liveness check – It will check whether the right client is physically available or
not. It will use the device’s camera and microphone.
The transaction history of the clients will be monitored manually and using
machine learning. This adds another layer of protection against frauds and other
illegal activities.
Document verification will take place in alliance with government authorities
and government regulatory databases.
Inculcation of AI will help to increase efficiency and effectiveness over time.
Apart from these there will be numerous help features for accessible people
which will help them to navigate throughout the application.
4. Security – All the back end and user data will be secured at legal level
security using Secure code encryption, Database encryption, and other
encryption methods such as AES and SHA.
All the above characteristics require an expert technical team to be installed in the
application.
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