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ACCELERATE YOUR ACCOUNT OPENING WITH AADHAAR EKYC SERVICES

13-05-2024

Entrepreneurs can't depend on obsolete and manual Know Your Customer (KYC)
procedures when cyberattacks and malicious activities are associated with modern
business systems.The constantly emerging technology  methods open new
opportunities to make seamless KYC for financial institutions, NBFCs, and banks.




OVERVIEW OF E-KYC ONLINE SOLUTION

Modern businesses and financial institutions have rapidly adopted e KYC online
solutions to enhance customer experience and convenience. The latest trend is an
advanced and innovative Digital eKYC solution that uses real-time OTP
verification. Reputed eKyc service providers like Meon offer an agile account
opening process within 5 minutes, which saves significant time, energy, and cost
on transport and stationary. 

Digital eKYC is a mandatory process that financial institutions follow to verify
the customer's identity in real time without presenting physical documents.
Compared to e-KYC online, traditional Know Your Customer involves submitting
physical documents related to address and identity proof, which could be
time-consuming and cumbersome. 

Customer onboarding solution through the eKYC method is a paperless process that
employs an Aadhaar number to verify the identity by sending an instant OTP to
the registered mobile number. In the essence of Aadhaar eKYC, customer identity
authentication will be verified by matching the Aadhaar details with UIDAI, the
database, during the account opening process. 


HOW IS AADHAAR EKYC SOLUTION A SAFER OPTION FOR CUSTOMERS AND FINANCIAL
ENTITIES?

Renowned eKYC providers like Meon Technologies provide a platform for companies
and organisations to open their customer accounts from a distance and
authenticate their identity through UIDAI. The service providers access the
customer's DigiLocker to fetch the essential identity and address-proof
documents directly after the user's consent. The verification process is
associated with Aadhaar eKYC OTP, making it faster, more robust, and more
reliable. eKYC service providers provide online KYC solutions to financial
institutions, banks, telecom companies, NBFCs, insurance firms, hotels,
hospitals,  law firms, and many more. 

Aadhaar eKYC services mitigate human intervention, reduce errors in the account
opening process, and verify the details provided by applicants against their
Aadhaar information as we know that the Aadhaar card holds the user's
demographic and biometric information, which makes it a more trustworthy process
of eKYC online to verify the user's identity in real-time. eKYC provider allows
businesses to verify their customers’ identity using remote verification powered
by UIDAI and eKYC OTP norms. The adoption of digital eKYC Online acilitates
financial institutions in improving their business operations while maintaining
the required documentation. Customers can access and share their details with
third-party providers, making the e-KYC process more transparent and flexible. 


AADHAAR EKYC SERVICES TYPES

eKYC service providers offer various ways to complete the Aadhaar eKYC
solution. 

1. The first method is offline, where users must be physically present. This
traditional KYC is associated with various human mistakes and requires careful 
document checks, leading to Xerox copies and transportation costs. 

2. The OTP-based digital eKYC solution involves getting the one-time password on
the registered mobile linked with Aadhaar. In this process, the user c   can
authenticate their identity from a distance, and the essential documents of
identity and address proof will be retrieved and verified through  DigiLocker.
It is the most convenient and reliable customer onboarding solution.

3. Biometric-based EKYC authentication for individuals is related to verifying
physical and biological attributes such as fingerprints, voice waves, retina,
and iris   patterns. The biological traits are unique for every person and can't
be copied by others for fraud and illegal activities. In this process, the
individual must provide   Aadhaar details and biometric information that match
the data stored with the CIDR. 

4. Multi-factor authentication is a combination of two or more authentication
modes. The service providers request multi-factor authentication, where users
must choose any combination to authenticate their identity that suits them.


BENEFITS OF USING AADHAAR EKYC SERVICES

Compared to traditional KYC, digital eKYC is much faster, time-efficient, and
paperless, allowing them to verify their identity from the convenience of their
homes

1. The data fetched from the UIDAI database matches the information submitted by
the user, making it a more robust and reliable customer onboarding solution. 

2. Traditional KYC is much more costly than the Aadhaar eKYC software solution
and leads to human errors in the system. On the other hand, prominent eKYC
service providers offer cost-effective online KYC solutions without burning a
hole in the customer's pocket. 

account opening software solution, customers can quickly complete their digital
KYC using a user-friendly dashboard after following the step-by-step process.
The users consent after reading all the constraints and instructions in the
given form. After sharing their acknowledgement and submitting the Aadhaar
number, a quicker OTP is sent to the registered mobile number. 

1. One of the main advantages of availing the

eKYC provider platform is that the shared information will be confidential
without compromise. Only authorised entities and registered institutions have
permission to access the Aadhaar KYC online verification facility. 

2. In the Aadhaar eKYC process, digital documents are shared through a secured
channel, which prevents any risk of illegal document replication. 


WHO CAN USE AADHAAR EKYC SERVICES?

Using account opening software for Aadhaar e-KYC is a new rage among various
organisations for customer verification. Let's discuss the entities that avail
of the digital eKYC, including:

 * Trading accounts

 * Stockbrokers

 * Stock Exchanges

 * KYC registration agencies

 * Banks and mutual fund houses

 * Railways

 * Insurance agencies


HOW TO CHOOSE THE RIGHT EKYC PROVIDER?

There are various considerations you should measure while choosing the eKYC
service providers in your area, such as:

Encryption: Ensure the chosen eKYC Online provider utilises encryption
techniques to secure data during transaction and storage. 

OTP-based Authentication: OTP on a registered mobile number adds a layer of
security and boosts customers' trust in the service provider.

Consent-based Access: Service providers get access to Aadhaar details before
performing the digital KYC after the user consents.

Data-Protection Policies: Ensure eKYC service providers follow compliance and
data protection regulations to safeguard users' information.


CONCLUSION

By understanding the concept of paperless eKYC, its benefits, types, comparison
with traditional KYC methods, and critical security features, companies can
quickly empower their account opening process through online verification
methods with data security. 



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