Use of Digital Aadhaar eKYC Online Solution in the Banking Sector

Digital KYC

Most transactions and activities in the banking sector are rapidly shifting from traditional to online platforms to leverage the power of cost-cutting edge technology and reduce the turnaround time and cost of operations. Digital Aadhaar eKYC Online has been adopted by millions of banks and institutions so that customers are not required to present and submit Xerox copies of the documents physically. The customers do not need to take leave from the office to complete the banking formalities.

How is Aadhaar eKYC Crucial in the Financial Sector?

Aadhaar eKYC Online is also known as digital KYC, which is a facility of digital verification process used by banks and financial institutions for their customers. The purpose of adopting customer onboarding software or eKYC is to reduce the dependency on manual verification methods and accelerate business operations. The account opening applicants are not required to visit the bank branch with various physical papers like address proofs and identity-related documents.

As a renowned eKYC service provider, Meon has changed the way modern Know Your Customer processes are in terms of efficiency and flexibility, cutting down on cost operations, creating faster document processes, and promoting paperless KYC procedures. Their Aadhaar OTP-based is a game-changing decision for enterprises to speed up their customer onboarding process and say goodbye to physical document submission. As a result, businesses can save significant time, money, and energy and focus on more important tasks.

How Aadhaar eKYC is a Safer Alternative to Banks and their Customers?

Digitak eKYC service providers like Meon offer a specially designed eKYC platform where users can complete their onboarding process within 5 minutes. It enhances accuracy, is easy to integrate and deploy for existing business infrastructure, strictly follows the rules of regulatory authorities, and prevents the chances of penalties. The Meon e-KYC Solution uses advanced technology like OCR to extract the data from PAN and Aadhaar and reduces human intervention and costly mistakes.

Digital eKYC Verification Process

Mobile Verification: Receive instant OTP on mobile and submit it on the KYC portal.

Email Verification: Get OTP on email, submit after filling.

PAN Verification: Enter PAN ID and DOB, and submit to fetch data from NDML.

Segment and Brokerage Selection: Choose trading segments and brokerage plans offered by the broker.

Customer Onboarding Software

Customer onboarding software is related to account opening for customers within an organisation. Businesses can customise this tool according to their requirements, reducing the time-taking process and enhancing the customer experience. They can set the modules and coordinates of the customer verification process at their convenience without the help of developers. For a Meon onboarding solution, don’t hesitate to contact us.

Contact Us

Aadhaar Verification via DigiLocker:

Submit UID details.

Receive instant OTP on registered mobile.

Fetch details from DigiLocker for e-KYC.

Personal Details: Submit additional personal information not fetched from DigiLocker and nominate as desired.

Bank Verification: Fill in the bank details and verify them through Penny Drop.

Document Upload: Submit required documents based on segment selection.

In-person Verification: Capture image and location simultaneously.

eSign Aadhaar: Receive PDF documents for signing, complete using Aadhaar eSign after completing previous steps.

eKYC Services Benefits for Banks and Financial Institutions

Time-savvy

Unlike the manual KYC process, Digital KYC does not require collecting, scanning, and verifying paper documents. The data will be fetched through DigiLocker after Aadhaar and PAN Verification so users can save time during the manual document verification process and experience the power of advanced, cutting-edge technologies.

Traditional KYC requires many weeks or months of verification, while Digital KYC takes 2–3 days to complete the entire account opening journey.

Remove Rejections

When customers undergo the manual KYC process for bank processes, they need to visit the branch, fill out the lengthy account opening form, paste a passport-size picture and signature on various places, and attach the essential documents to the applicant form. The related verification officer conducts a lengthy and tedious verification process that may take longer days.

On the other handCustomer Onboarding Software, or Aadhaar eKYC, reduces the chance of your account opening application being rejected. To complete the eKYC procedure, the customer must follow a step-by-step method and submit the essential information. The information will be updated in real time, and banks or financial institutions can ensure that their customers’ information is accurate and updated to stay ahead of the competition.

Mitigates the Chance of Fraudulent Activities

When it comes to Aadhaar eKYC Online, the risk of potential fraudsters, forgery, or manipulated documents is negligible in all circumstances. The eKYC services system is associated with Aadhaar OTP authentication and real-time identity verification, and the customer’s physical appearance will be verified through the UIDAI database.

Conclusion

What is Digital eKYC in the banking sector? Hopefully, you have a clear picture of using a paperless Know Your Customer process in the financial segment. eKYC services Compared to traditional KYC, modern eKYC methods open new opportunities for financial companies to speed up business operations and prevent fraud activities.

Original Refrence — https://aadhaar-ekyc.odoo.com/blog/aadhaar-ekyc-online-3/use-of-digital-aadhaar-ekyc-online-solution-in-the-banking-sector-3

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