What is eKYC?
eKYC stands for Electronic Know Your Customer, and is the process of identifying and verifying a customer through electronic means.
eKYC (Electronic Know Your Customer) is the remote, paperless process that minimises the costs and traditional bureaucracy necessary in KYC processes.
It is done by going through a series of checks implemented in stages, which will verify that customers are who they say they are.
eKYC (Electronic Know Your Customer) is the remote, paperless process that minimises the costs and traditional bureaucracy necessary in KYC processes.
It is done by going through a series of checks implemented in stages, which will verify that customers are who they say they are.
Advantages of eKYC
eKYC can be done remotely. The customer will not need to physically visit any offices.
eKYC is instantaneous. The information can be transferred in real-time without any delay.
eKYC Improves customer experience and efficiency. Removes the need to produce documents such as utility bills.
The customer simply has to give approval to send their information to the service provider and the data is sent.
Without the need to print or copy documents, less paper is used since the data is accessible digitally.
The fact that the data comes from a reliable source and is transferred electronically, removes the likelihood that a mistake is made during copying of data.