Automated EKYC (eKYC) is a validated, automated tool that helps users identify the right KYC process to use for their business and comply with AML regulations. By automating EKYC procedures, users can reduce the risk of manual errors, avoid missing out on additional customers, and reduce costs associated with manual processes. EKYC also provides an audit trail that can be used as evidence in compliance-related disputes.
eKYC is a standard for identity verification through digital channels. It allows customers to use their mobile phones as an authenticator, bypassing the need to provide traditional authentication documents like a driver’s license or passport.
Importance of automated e-KYC
This is important because it helps to protect user privacy and ensure that user personal information is handled securely. This process also helps to ensure that users can access the financial services and products they need, and it can speed up the process of getting approved for a bank account or other financial product.
It saves time and resources for organizations. Automated e-KYC can help reduce the time it takes to process a customer’s identity documents, which in turn reduces the time that an organization spends on processing new customers. Additionally, automation helps ensure the proper identification of customers and protects against fraud or other types of cyberattacks.
It helps prevent human error. Automated e-KYC process eliminates the need for manual input and processes customer information quickly and accurately – meaning there’s less chance for human error. It’s secure. Automated e-KYC systems use cutting-edge security features to protect customer data against potential cyberattacks.
It helps organizations connect with their customers more effectively. By using automated e-KYC, organizations can better understand who their customers are and how they can best serve them.
What are the benefits of e-KYC
Process optimiziation
Automated EKYC can be used to create an electronic record of all medical procedures performed in a patient’s care from the time of admission to discharge.
Automated EKYC integrates with electronic health records (EHR) and other patient-tracking systems. A complete EKYC file includes all clinical information entered by healthcare professionals during a patient’s hospitalization. This data can be used to document the care received and track compliance with treatment guidelines.
It is committed to saving lives and reducing health costs by providing comprehensive and accurate health information on every patient in the facility through a standardized process.
Automated EKYC helps hospitals and other healthcare institutions meet their regulatory responsibilities concerning patient safety, quality, and efficiency. It also reduces the burden on clinicians by standardizing data entry and eliminating manual errors.
In addition, it reduces administrative costs by automating many tasks that would otherwise require human effort, such as data entry, order entry, case tracking, batching, and auditing.
Increased Security
The main benefit of using eKYC is that it eliminates the need to carry around multiple pieces of identification and can speed up transactions. Customers with active digital accounts can also use the app to verify their identity in a few simple steps. Users who sign up for virtual bank accounts or credit card services can use eKYC to generate a secure password and connect their accounts.
Faster Transactions and Reduced Costs
eKYC can speed up transactions by automatically verifying customer information against company databases to reduce the time required to process payments or access account privileges. It also reduces costs by reducing the need for staff time spent inputting personal details into various systems.
Increased Customer Loyalty and Engagement
By verifying customers’ identities, you can create a more loyal customer base by ensuring they are who they claim to be and reducing the likelihood of fraud or error. In turn, this may encourage them to do business with your company in the future, resulting in increased revenue and profits.
FAQs
How does eKYC work?
KYC works by verifying the identity of customers through their mobile phones. This process typically takes just a few minutes and requires users to input basic information about themselves, such as their name and address. Once this information has been verified, customers can confidently complete transactions that they are who they say they are.
Which devices support eKYC?
eKYC is available on Android smartphones and iPhone/iPad devices running iOS 11.3 or later. Future app versions will support other mobile platforms, including Windows phones.
What should I do if my identity is not verified?
If the user is unable to verify identity using the eKYC app, there are a few things that the user can do to try and rectify the situation. First, please check that all personal information is correct and entered correctly into the app. If user details still cannot be verified, they may need to contact eKYC support for more help.
How do I use eKYC to make a purchase?
Once the user identity is verified, users have to tap the ‘Make a Purchase’ button on the main menu. Next, they will be prompted to enter the user name and address and complete the purchase process normally. Some merchants may require users to provide additional personal information (such as a photo ID) to complete a transaction.
