These days everything is digitally automated and customers prefer to complete their work online rather going outside or visit banks. ekyc solution is eco-friendly, secure, quick and available 24/7. Hence, hired by Fintech companies and banking industries.
1. Faster Processing :
The digital e-kyc solution is automated and available 24/7 as it is processed online and do not require any paper work. Modern E-kyc is easy and faster than the traditional kyc and complete the customer verification process in minutes where the traditional kyc take weeks to complete the small identity verification process.
2. Risk Assesment :
In the whole process of e-kyc the client is assessed at each and every step, it’s important for a more precise survey of the risks that a client might bring. This client onboarding process helps companies and banks in prevention of identity theft, money laundering activities, funding of Terrorism and geographic risk. e-kyc also examine the financial history of an customer which prevents from fraud.
3. Paperless processing :
As, we know customer identification verification process is digitally automated, documents like ID card, driving license, passports and proof of address are uploaded online by the customer during the process which do not require hard copy of the documents. Using a cloud based digital system is environment friendly and solves the problem of storage as in traditional ekyc the documents were stored in the banks.
4. Reduce operational costs :
Today, Adhaar based and video based E-kyc is a great step to make this whole process more secure and efficient. Traditional Kyc that took days to complete is now done in minutes which reduce the costs of processing and verifying customer identities by 90 % is simple & convenient to use even employees do not need much training.
5. Safe and secure method :
E-KYC use biometric anti–spoof algorithms to detect the image taken matches the ID proof like Aadhaar. During Aadhaar ekyc the customer first go through the procedure and an OTP is generated and sent to the customer’s Aadhaar registration number which makes E-kyc safe and secure and customers could easily trust on it.
6. Better customer experience :
E-KYC reduces the time taken for the verification process from 8 to 15 days to minutes through digital technology. e-kyc is continuous kyc as it keeps the customers data up–to–date on time which makes easy for the bank and other financial institutions. e kyc improves customer experience and productivity.