Why onboarding customers with eKYC is essential.
E-KYC stands for electronic know your customer (KYC) process. It is the digital version of the KYC process, and it is mostly used in financial institutions. E-KYC is carried out to digitally verify the identity and address of a consumer. It is done by authorized organizations, agencies, and agents. E-KYC is backed by biometric verification, making it very safe. Without any physical documentation or paperwork, eKYC has become an integral part of customer onboarding in the financial sector.
Benefits of eKYC
1. Ease of implementation: The eKYC Process is effortless to implement, as it is a 100% paperless process. Additionally, customers can complete the KYC verification process within minutes on the mobile phone provides them with a great deal of convenience.
2. Cost reduction: The agent-based & completely offline KYC verification model is an inherently expensive model, as it involves much higher costs in infrastructure and distribution.
3. Enhanced customer experience: Customers today prefer to conduct their processes online, as they provide a convenient and expedited way of completing tasks such as KYC verification.
4. Improved sales conversion: More customers prefer to transact with businesses that offer eKYC and Seamless onboarding leads to better customer retention and improved satisfaction.
5. Minimal Compliance Risk: Another significant benefit of the eKYC Process is that it helps you comply with all compliance requirements and maintain a very low-risk profile when it comes to legal issues related to fraud, money laundering, etc