June 12, 2023

Introduction

The Election Commission of India issues the Indian Voter ID Card (officially known as the Elector’s Photo Identity Card (EPIC)) to adult Indian citizens who have reached the age of 18. The significance of the Voter ID card extends beyond the realm of elections, as it is widely utilised by numerous companies and financial organisations to authenticate their clients’ identities, ages, and addresses. To combat fraudulent activities effectively, many businesses have turned to using a Voter ID Verification API, simplifying onboarding new users. The API leverages the OCR technology to extract information from the voter ID card and use it as proof of Identity and proof of address. The ubiquity of the Voter card as an address proof across the nation makes it an ideal solution to prevent fraud.

Voter ID verification through an API offers numerous advantages across different industries and transactions. From opening bank accounts and facilitating loan transactions to enabling gaming activities and onboarding employees of various sectors, such as blue-collar, white-collar, and grey-collar workers, the versatility of voter card verification is invaluable. Additionally, it plays a crucial role in insurance transactions, ensuring the accuracy of user identities and minimising potential risks.

Although some users might perceive the identity verification process as time-consuming and bothersome, technological advancements have significantly improved the accessibility and effectiveness of such procedures. By exploring the application of voter ID verification for online service signups and identity confirmation, this blog post aims to highlight the potential of this innovative approach.

In the upcoming sections, we will dive deeper into the capabilities of voter card verification APIs, emphasising their role in streamlining user onboarding and enhancing security measures. By leveraging it, businesses can optimise their operations and provide a seamless user experience while mitigating the risks associated with identity fraud.

What is a Voter ID Verification API?

A Voter ID Verification API is a fast and efficient way to verify the identity of an individual. The Voter Card API uses the AI-based OCR technology to extract digital information of the individual such as their name, address, date of birth, and father’s name from the voter card. The extracted information is then matched across pre-validated databases or the Election Commission’s database to authenticate the individual’s identity. 

How to Verify Voter Card?

Let us look at the process to verify the Voter ID details using a Voter ID verification API:

• Initiate the request for Voter ID verification
• Enter the Voter ID number
• Upload the document (clear photo of the voter ID card)
• Real-time check across sourced and government databases
• Voter ID verification complete

Voter ID Verification API Optimizes User Onboarding

Whether it’s social networking platforms, streaming services, or e-commerce sites, these platforms require users to verify their identities to prevent fraud and ensure user security. By incorporating a Voter ID Verification API into the signup process, businesses can optimise user onboarding in several ways.

1. Streamlined User Experience:
   1. Voter ID verification simplifies the identification process for users during online service signups.
   2. Users can quickly and easily verify their identity by providing their voter ID details, eliminating the need for cumbersome manual processes.
   3. This streamlined user experience improves conversion rates, as users can seamlessly complete the onboarding process without unnecessary delays or complexities.
2.  Compliance with KYC Regulations:
   1. Know Your Customer (KYC) verification is a crucial regulatory requirement for many industries.
   2. Integrating a Voter ID Verification API ensures compliance with KYC regulations by validating the user’s identity and addressing the need for robust verification measures.
   3. By leveraging the API, businesses can enhance their risk management strategies and establish a stronger foundation of trust and authenticity.
3. Enhanced Security and Fraud Prevention:

1. Voter ID verification is a robust security measure, reducing the risks associated with fraudulent activities and identity theft.
2. By validating the user’s identity through their voter ID, businesses can ensure that only genuine individuals gain access to their services.
3. This helps in safeguarding user data and sensitive information, fostering a secure environment for both the business and its users.

Final Word 

In today’s digital landscape, Voter ID API Verification is indispensable. This robust tool streamlines the user onboarding process, validating identities swiftly and efficiently. Providing real-time access to relevant databases, it automates voter card verification, minimising human errors and maximising accuracy. It fortifies trust and security by confirming Voter ID authenticity, effectively mitigating fraudulent activities. The Voter ID API Verification, therefore, stands as a beacon for organisations, aligning with regulatory requirements, enhancing user experience, and bolstering their reputation. In essence, its significance for businesses in need of efficient, reliable, and rigorous identity verification is inarguable and paramount.

Check out how you can onboard individuals, vendors and third parties faster with AuthBridge’s Voter ID Verification API.

Introduction

The BFSI industry, which includes banking, financial services, and insurance, is undergoing a radical change as a result of the modern world’s more advanced digital infrastructure.As a catalyst, the COVID-19 epidemic hastened the transition to digital technology across sectors, including banking. As a result, a significant shift is taking place in how banks interact with their customers, particularly regarding Know Your Customer (KYC) processes. Digital KYC or Digital Know Your Customer, is revolutionising the BFSI sector by streamlining customer onboarding and enhancing security measures.

Digital transformation in the banking industry encompasses a wide range of initiatives. On the one hand, it provides customers convenient access to banking services through various digital channels, such as the Internet, mobile devices, and wearables. This enables individuals to conduct financial transactions digitally at their own convenience, eliminating the need to visit physical bank branches. On the other hand, digitalization is reshaping internal banking processes, such as customer onboarding and loan applications. Previously performed manually at bank branches, these processes are digitised, resulting in increased efficiency, reduced paperwork, and improved customer experience.

In this blog, we will examine how Digital KYC may alter the BFSI industry. You will have an understanding of the influence that Digital KYC has had on the BFSI sector as well as its promise for the future of banking by the time you have finished reading this blog post.

What is Digital KYC or eKYC?

Digital KYC, or eKYC (Electronic Know Your Customer) is a way to verify the identity of an individual online. Unlike the paper-based KYC process, where the users submit the hard-copies of their ID proof documents, DKYC allows them to directly upload the digital copies of Aadhaar card, voter ID card, PAN card or other PoI and PoA to the bank’s portal. The same can be done on a live video call to do a liveliness check as well,

Digital KYC empowers these individuals by allowing them to establish their identity and initiate banking relationships remotely through digital channels such as mobile phones.

Types of Digital KYC

The contemporary era of technological advancement has transformed conventional operations across numerous sectors, including the banking and financial industries.This transformation is most evident in Know Your Customer (KYC) processes, which have evolved from paper-based methods to highly digitalized solutions. Digital KYC has emerged as a key tool in client onboarding, ensuring adherence to regulatory compliances and preventing identity theft and financial fraud.To elaborate on this, we dissect the common types of digital KYC processes below.

Online KYC Form

• Process: Clients must fill an online KYC form, providing all required personal and identification details.
• Signature: After everything is finished, there is a requirement for a signature, which may be executed in one of two ways:
  • Physical: Print the form, sign, and mail it to the organization’s postal address.
  • Digital: Apply a digital signature to the online form and submit it electronically.

Video-Based KYC

Video KYC is one of the most popular methods to do KYC for the banks and other financial institutions.This technologically advanced KYC method involves extensive audio-visual interaction.

• Registration: The process begins with service sign-up, followed by a prompt for video KYC verification.
• Link: A text or email link is sent to the client to initiate the process.
• Verification: A designated executive captures a live image of the applicant to do a liveliness check and verifies necessary documents such as a PAN card or Aadhaar card on the video call.
• Geotagging: The location of the person is confirmed via geotagging.
• Status: Upon completion, clients receive an update on their KYC status within a few days.

OTP-Based KYC

The OTP-based KYC is widely used to open digital wallets or online bank accounts.

• Details: Clients input basic information and navigate to the Aadhaar e-KYC tab.
• Aadhaar: After entering their Aadhaar number, an OTP is sent to the linked mobile number.
• OTP: The KYC process concludes once clients enter the received OTP.

To sum up, these digital KYC methods have significantly streamlined the KYC process, enhancing efficiency and ensuring regulatory compliance. Organisations and clients must familiarise themselves with these digital procedures, ensuring adherence to the relevant regulations.

Enhancing Customer Experience Through BFSI ID Verification Automation

Significant progress has been made in the Banking, Financial Services, and Insurance (BFSI) industry as a result of the use of low-code automation, digital KYC solutions, and electronic Know Your Customer procedures. This shift towards technological integration transforms the traditional customer onboarding process into a more seamless, user-friendly experience.

The Role of Automation and Digital KYC in BFSI

Automation has played a crucial role in structuring various operations within the BFSI sector, particularly in identity verification. Banks have been leveraging ID verification automation to orchestrate data across diverse systems efficiently. It allows for the processing and consolidation of data into one secure and easily accessible location, ultimately accelerating processes like commercial lending and onboarding.

An essential part of this automation process is digital KYC, or eKYC, which can involve using Aadhaar eKYC online. A digital KYC solution provides bank employees with a comprehensive 360° view of a customer’s KYC lifecycle. This holistic understanding enables real-time responses with minimal friction, ensuring a smoother customer journey.

Creating a Competitive Edge

Organisations constantly seek a competitive edge over their peers in the rapidly evolving financial landscape. The fusion of automation and digital KYC verification techniques offers this advantage, allowing institutions to improve their customer experience significantly. At the same time, it ensures adherence to essential fraud mitigation strategies and regulatory standards, striking a balance between user experience and compliance.

Conclusion

The digital landscape has significantly evolved, propelling the BFSI sector into an era of digital transformation. With digital KYC and eKYC procedures, digital customer onboarding and security measures have been revolutionised, offering clients convenience and efficiency. Automation has also streamlined internal processes such as identity verification and compliance, providing employees with a comprehensive view of a customer’s KYC lifecycle. Amid rapid technological advancements and the incessant pursuit of a competitive edge, organisations must balance offering enhanced customer experience and adhering to regulatory standards. Ultimately, the integration of digital KYC, automation, and identity verification is reshaping the BFSI sector and redefining the future of banking.