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 seamless experience! Using Aadhaar information and biometric/OTP based authorizations, e-KYC enables businesses with paperless onboarding process, reducing on-boarding time from days to minute! With more than 98% of 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 interview process, improving candidate form filling or the overall on-boarding process. For example, more & more banks are relying on e-KYC for their authentication processes and getting rid of the mundane, manual processes. Tons of customer developments and managed services are solving innumerable on-boarding issues.
With e-KYC, you can open a bank account online in a matter of minutes! Similarly, a lot of people in rural and sub urban 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 un-banked 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 labor required for the verification process. Not only des e-KYC save time and money, it improves the quality of data available and standardizes the data at various touchpoints by benchmarking it to the UIDAI database. With diminishing boundaries and advancement 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.
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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