E-KYC – Electronic Know Your Customer processes and best practices

E-KYC – Electronic Know Your Customer processes and best practices

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E-kyc • You must have heard about the eKYC concept where the process of identification and user registration digitally has eased things and made all the products and services available in the online sphere. Though it can be applied to many sectors it is more relevant in the finance and investment sector where keeping the process transparent and records safe is imperative.

Financial institutions have raised the bar of security and concern by making the whole verification process digital.

• Adoption of Artificial Intelligence- AI and Machine Learning- ML in countless companies has brought the ease to digital transformation meeting the demands of current regulations and managing the tasks at ease by automating the process.

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How is this e-KYC process practiced?

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• 1. Digital ID: It is one of the secured practices for an effective e-KYC system with governmentissued electronic identification. Government e-ID ensures the trust and the services including biometric verification, e-voting, and the new possibilities with traditional ID. • 2. Video KYC: e-KYC also includes video KYC in which the customer identification process is done through video calls. Images can be used falsely so in this way video calling can be an effective method. If not video conferring then with proper lighting and with proper signal bandwidth a proper live video can be made checked by the experts reducing any chances of fraud.

• 3. Document verification: It is also one of the techniques in E-KYC. It is the process of recognizing the documents and performing the check on whether all are legal and correct or not. It is a process of validating and checking the identity with the help of technology.

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KYC to EKYC- Huge Digital Transformation • All the financial institutions are facing drastic changes in the process of digitalization and bringing some relevant changes much needed in this sector. Every organization is thriving to make the process digital and enjoy seamless work. It is an effective method to avoid the falsification of identity, fraud signatures, etc. This paperless process minimizes the paperwork and made the digital process necessary for counterfeiting the crimes.

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