eKYC vs Manual KYC: Leveraging Data and Technology to power business growth

As companies grow and on-board customers and employees faster, they are also grappling with the task of managing paper based, manual KYC processes. Successful customer acquisitions need faster verification and client on-boarding. To accelerate customer acquisition across existing and new geographies, organisations need access to instant, paperless KYC process while holding high standards of data privacy and integrity.

Existing manual KYC (Know Your Customer) processes create chaos with requirements of paper based proofs and is prone to manual errors. Moreover, it is a time consuming process with manual intervention. Conducting ‘Know your Customer’ (KYC) manually requires paper documents to be submitted, which can also lead to incorrect results. Additionally, the biggest challenge faced is submission of multiple documents in the form of address proofs, ID proofs and others to conduct KYC.

With Aadhar enrolments growing to 1.12 bn.*, businesses can now get access to authentic data in a matter of seconds. Aadhaar enabled eKYC is an electronic KYC service that can retrieve an individual’s basic information electronically, provided by individuals at the time of enrolment. This service makes KYC instantaneous, secure and paperless while enhancing privacy and safety of data.

Point to note here is that these services are provided to businesses fulfilling some pre-decided criteria and only after due diligence by the issuing authority.

eKYC eliminates manual bottlenecks in the following ways:

• Instant individual authentication
• Reduced paperwork
• Enhanced Operational Efficiency
• Reduced redundancies
• Lower costs

With eKYC, the business landscape is all set for transformation. Not only will this make processes simpler and faster, once married to other systems using advanced APIs, eKYC will enhance customer experience and increase operational efficiency while lowering costs.

For example, students appearing for exams can be immediately verified and examination forms can be auto-filled using eKYC. This is just a use case, the potential is immense. *As on 8-Mar-2017, Source: UIDAI Website To know more, schedule an appointment with our expert today.

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