In the fastest-paced digital world, Aadhar eKyc online transactions are the latest trends, provide convenience, and fulfil consumer demand. eKYC solution is a transformative shift of KYC and removes all obstacles that make the process tedious. Businesses relying on traditional KYC battled human errors, security threats, and unexpected delays. Thanks to cutting-edge account opening software, we are entering a new era of efficiency and security.
What is Account Opening Software for Customer’s eKYC?
Traditional KYC is associated with various errors and time-consuming processes, leads to penalties on the regulatory authorities’ behalf, and makes businesses’ workflow vulnerable. Fortunately, adequate and result-driven account opening software can be a game-changer that verifies customers’ identities in real-time without presenting physical documents. The main objective of eKYC Online is to help enterprises simplify their onboarding process and prevent theft, fraud, money laundering, and other illegal activities.
The account opening software is specially designed to speed up the onboarding process and collect information in a cloud-based and systematic manner. This Aadhaar eKYC solution strictly follows security compliance and sets standards to prevent forgery, misuse, and unauthorised access. The essential government-issued identity documents, proof of address, and other relevant documents will be fetched directly from DigiLocker.
Businesses, especially financial institutions, are shifting to eKYC Online to empower the KYC for customers, which is an effective customer onboarding solution. The customers do not need to submit physical documents during in-person branch visits and eliminate long manual steps.
Various Methods of eKyc Service Providers
The Ekyc method may differ from another. Let’s discuss the various methods of implementation for the Aadhaar eKYC solution, such as:
OTP-based Verification
Banks or financial institutions use OTP-based verification to open their customers’ accounts, which can be accomplished from the comfort of homes with high-speed Internet connectivity. The Aadhaar eKYC solution benefits those residing in remote areas with limited mobility and opens an avenue to access financial services to connect with a broader audience.
The traditional account opening process is intimidating, including manual paperwork, labour-intensive steps, and increased operational costs for financial institutions. It is an excellent time to say goodbye to this manual process and embrace OTP-based customer onboarding software to eliminate physical documentation, simplify operations, and reduce expenses.
Digital eKYC services can help you add a layer of security to your customer’s verification process and prevent identity theft and fraud. An OTP-based customer onboarding solution is affordable, paperless, accessible, and secure, boosting customer satisfaction while streamlining the account opening process.
Biometric Verification
It is considered one of the popular eKYC methods that leverages biometric data, such as facial or voice recognition. It can be done using smartphones with high-quality cameras, avoiding the necessity for additional equipment.
A scanner obtains images of the retina or fingerprints. UIDAI gets customer Aadhaar details with the captured biometric data. The data and physical attributes are matched with the UIDAI database to verify the customer’s identifying information. Once matched, UIDAI transfers the identifying process to a third-party verification service provider, which authenticates it.
Video-based eKYC
A video-based eKYC Online is performed using a live video session between the user and a company representative. The document’s verification will be verified by comparing the documents the user feeds during the live video feed. It can be accomplished remotely to verify identities while maintaining a human touch.
Pros of Using Account Opening Software
Swiftly Verification
Hiring digital Aadhar eKYC services helps accelerate your customer account opening process and allows users to experience the power of advanced technology. Customer verification will be done within a few minutes rather than 10-20 days, mitigating operating costs significantly.
Boost Safety
The aadhaar-based account opening process reduces the risks associated with losing essential documents. The user’s identity will be checked using Aadhaar demographics. This process strictly follows the robust security protocols in the Central Identities data repository to safeguard data against fraud.
Paperless Process
Digital eKYC solution is an application for various financial transactions, such as loan applications or opening new bank accounts. All the relevant data will be fetched from DigiLocker and matched with the Aadhaar database. So users do not need to store the data in a physical location. The authentication process is much more convenient, agile, and user-friendly.
Lower Cost-based eKYC
The latest technology featured account opening software addresses the issues related to traditional KYC, resulting in significant time and cost- savings for both financial institutions and their customers.
