The Electronic Know-your-customer (e-KYC) process, based on Aadhaar or Unique Identification Number is transforming operations across businesses- saving time and money while delivering a seamless experience! Using Aadhaar information and biometric/OTP-based authorizations, e-KYC enables businesses with a paperless onboarding process, reducing onboarding time from days to minutes! With more than 98% of the Indian population being enrolled with UIDAI, Aadhaar is the world’s largest biometric database. Using advanced technology, restful APIs and authentic data, e-KYC services can verify and gather identity information of individuals in real-time.
This leads to enhanced operational efficiency. Today, multinationals are using Aadhaar-enabled e-KYC services; for multiple use cases- be it visitor management, streamlining the interview process, improving candidate form filling or the overall onboarding process. For example, more & more banks are relying on e-KYC for their authentication processes and getting rid of mundane, manual processes. Tons of customer developments and managed services are solving innumerable onboarding issues.
With e-KYC, you can open a bank account online in a matter of minutes! Similarly, a lot of people in rural and suburban areas do not have the documents for KYC. The e-KYC process serves as a good medium to acquire new accounts, especially in rural and unbanked areas. In its physical form, the KYC process is completed by banks in 5-7 working days. Through e-KYC, the time taken would be reduced to near instant and this way, a bank can save the time, money and labour required for the verification process. Not only does e-KYC save time and money, but it also improves the quality of data available and standardizes the data at various touchpoints by benchmarking it to the UIDAI database. With diminishing boundaries and advancements in technology, businesses are increasingly collaborating through digital means in addition to traditional means. This calls for exhaustive Know Your Customer (KYC) solutions to mitigate risks related to bad debt, bad reputation and legal matters due to a fraudulent customer.
The usage of tech-enabled platforms and authentic data to assimilate information related to business entities and verify them in real time is essential. There is a need for a good mix of traditional and new-age KYC solutions on the Aadhaar platform to help you, on-board customers, easily and quickly while mitigating risks. To know more, schedule an appointment with our expert today.
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