What is e-KYC?

eKYC refers to electronic KYC where in the complete identity and the information regarding the customer is captured digitally from authentic sources such as UIDAI, NSDL, RTOs and Nationalized Banks and processed digitally avoiding any human intervention.

There are two types of e-KYC mechanisms:

1. Biometric eKYC (RBI approved)
2. Digital KYC (KYC as Risk Mitigator)

Benefits of eKYC

Following are the benefits which an organization can achieve using the eKYC to serve its customers.

  • Very quick turnaround time in onboarding the customers into the system be in Banks or Insurance, NBFCs or Telcos. eKYC surely reduces the TAT of verifying the authenticity of the customer.
  • The eKYC is less error prone as it is technologically proven and implemented in many places. The manual paper process is completely removed and hence improve the first pass of the applications.
  • Improve the TAT of customer servicing and lower the acquisition cost e.g. the digital kyc has improved the TAT of account opening from 8 days to 1 day.
  • The eKYC is human intervention free and hence the chances of tampering or wrong reporting of data is omitted.
  • The data of the customer is directly fetched from the authorized source the customer can be validated instantly and hence preventing the fraudulent cases and mitigating the risks.

Decimal offering:

Decimal is pleased to bring a completely digital sales fulfilment solution where you can make following checks in realtime and make the acquisition process fastest, hassle free for your customer:

  • Aadhar - Biometric or OTP based
  • PAN check (NSDL)
  • CIBIL 
  • Bank Statement Scrapping
  • Driving License Check (few states)
  • Voter ID check (few states)
  • BSNL number

So whether you are a Bank, NBFC, Insurance, Teleco, FMCG, Consumer Durables or any other industry that has a need to verify its customer, here is a simplified way to onboard the customer.