Knowing your customer (KYC) is critical to your business to mitigate external risks and safeguard your company brand and financials. For example, KYC is critical for banks to comply with Anti-Money Laundering reporting standards. KYC is the banks way of taking ownership of all funds placed for deposit under their care while establishing repoire with the client. Objective here is to validate the identity, profile and reputation of an individual or a business entity.
Traditionally, KYC has been a paper based manual process. Moreover, this offline process is time consuming and cumbersome. There was no way to establish trust in customers instantly- on the fly. Times have changed! With the world’s largest biometric database, Aadhaar, the business landscape has witnessed a revolution of a kind! Businesses can now build trust in customers in real time, anywhere with Aadhaar based offline eKYC.
What is eKYC based Aadhaar Verification?
Electronic know your customer (e-KYC) process, based on Aadhaar or unique identification number, provides relevant and authentic personal information related to an individual in a matter of seconds. With a person’s Aadhaar number and authentication using biometrics/OTP, businesses can access and verify a person’s name, address, gender, picture, father’s name, DOB, Contact number and email easily.
This is definitely a step change! Tons of customer developments and managed services are solving innumerable on-boarding issues using Aadhaar eKYC. Use cases are immense! With e-KYC, you can now open a bank account in a few seconds! A lot of people in rural and sub urban areas do not have the documents for KYC. This will be a good instrument to get new accounts opened, especially in rural and un-banked areas. This initiative is helping banks to expand in rural and un-banked areas, along with expansion in metros. More pilot studies on e-KYC are underway. Based on the results of these innovative methodologies, banks and financial institutions are delivering high empowering services to its customers. In its physical form, the KYC process is completed by banks in 5-7 working days.
Through e-KYC, the time taken is reduced to 3 days and this way, a bank saves the time, money and labour required for the verification process. Adoption of e-KYC is very important by banks, as well as insurance companies. Hence, e-KYC will be a very cost-effective move. 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.
At AuthBridge, we use tech-enabled platforms and authentic data to assimilate information related to business entities and verify them in real-time. We offer both traditional and new-age KYC solutions on the Aadhaar platform, thereby helping you on-board customers easily and quickly while mitigating risks. For more information
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