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KYC or Know Your Customer / Know Your Client is a widely used process in the Financial services sector. From account opening, lending, collections, insurance issuance, and securities trading to fraud and risk management and compliance, KYC is at the heart of customer identification and onboarding. In a country like
On 10 May 2021, the Reserve Bank of India (RBI) announced new measures to ensure that financial services market continues to operate congenially in the wake of the COVID 19 crisis. As per the RBI Video KYC guidelines these measures are centred around the rationalisation of compliance to KYC norms by the
Drug abuse at the workplace negatively impacts both employees as well as employers in many ways. The recent UNODC (United Nations Office on Drugs and Crime) report indicates that opioid use leads to loss of the maximum number of productive years. Around the world, 29.5 million adults are engaged in
Insurance companies rely heavily on their agents as a sales channel. But this channel has it’s own share of problems. Mis-selling and frauds by agents has been a big problem for insurance companies and IRDA for a long time now. The insurance penetration in India is less than 4% which
Automating customer onboarding has been discussed since a while now, across industries. But, with the pandemic posing restriction of physical interactions and movement, companies have been pushed to explore completely digital onboarding and contactless verification of their customers. The latest development for the insurance sector has come with IRDA allowing eKYC for some insurance
With RBI and SEBI already implemented Video KYC to simplify customer onboarding journeys, IRDA followed the suit with the announcement of VBIP (Video Based Identification Process), which will be equivalent to face-to-face verification. The Video KYC process will leverage digital channels for verification in case of both Life and General
In a welcome move, the RBI has recently permitted using Video KYC as a means of remote customer verification in the banking and financial services sector. After Aadhaar enabled e-KYC was discontinued by the Supreme Court from being used for establishing the identity of customers, the financial services sector, especially
The umbrella technology initiative of “Digital India” has led to the rapid deployment of tech-enabled platforms across various sectors. Healthcare, employment, commerce, labour and education are some of these areas that are being transformed with digitisation. Broadband highways, high-speed networks and Universal Access to Mobile Connectivity are some key focus
Know Your Customer (KYC) is the “process of a business identifying and verifying the identity of its clients”. KYC solutions are also used by banks and companies to ensure anti-corruption compliance and to confirm the identity of customers, agents or distributors. What is KYC and why is it important? In India,
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