You Must Know about EKYC Solution in India

Manual KYC has various drawbacks, leading to unexpected delays and increasing the chance of customer loss. Thanks to Digital EKYC, which has changed the way of account opening and can be easily integrated with any business procedure, we can now easily open accounts. In this blog section, we will discuss electronic Know Your Customer, a convenient and faster method of paperless KYC that can be performed anywhere and anytime.

What is the EKYC Solution?

Modern technology has brought an innovative and cost-cutting-edge eKYC solution that can be used for account opening in banks, financial institutions, the capital market, hospitals, hotels, insurance, and many more. Instead of taking weeks or months to complete the KYC process, businesses can avail themselves of the power of modern Aadhaar eKYC, which takes a couple of minutes to open the customer account and avoid unexpected delays and inconvenience.

Whether opening an account in a bank or buying an insurance policy from an insurance company, customers must undergo the e-KYC process, which is mandatory before accessing services and products. Implementing e-KYC online is to prevent unauthorised activities like money laundering and fraud from the system and make it a fair process for everyone.

Compared to the traditional KYC process, paperless EKYC will be conducted online without being presented on-site at the branch and carrying the physical documents for verification like an Aadhaar card, PAN card, passport-size photographs, etc. One of the good facts about the eKYC solution is that the entire process is paperless, and the user documents will be fetched directly from DigiLocker, a cloud-based data storage system for India’s citizens. For user verification, the user must provide Aadhaar and PAN details, making it a safer method of identity proof.

In this process, the demographic details information will be matched from the UIDAI database rather than physical document verification and multiple checks. Biometric and Aadhaar OTP are the two popular methods EKYC service providers offer their customers. Regarding the one-time password-based EKYC process, the user receives the OTP on the registered mobile number linked with Aadhaar. After submitting the right OTP on the form given by the service provider, the process will proceed.

The user must submit essential details like DOB, name, and father and mother name.

The user needs to submit bank account details where the customer will get some amount on his account through the penny drop process for account verification.

The user must declare his nominee, which is compulsory, before completing the process.

EKYC solution demands access to DigiLocker to help service providers fetch the essential documents submitted in a cloud-based system.

Take a Selfie to face recognition where the customer does not need to go anywhere to submit his passport-size photographs. Automation empowers the entire process, making it more convenient and safer.

Meon Technologies- One of the Best eKYC service providers in India

Are you looking for a digital EKYC service at a cost-effective price? Look no further than Meon Technologies. They have a specially designed system for paperless EKYC that eliminates unexpected delays and accelerates the KYC process without needing physical documents.

Silent Features of Meon EKYC Solution

Strictly follow the Industry standards and regulatory compliance.

Fraud preventive

Operational ease

Smooth customer onboarding experience

Bottom Line

There are various ways to verify customer identity, but Aadhaar eKYC is the best solution for customer onboarding issues. It provides a robust system for businesses to address the problems related to the traditional KYC process. This process also secures individuals from identity theft and related crimes.

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