Benefits of E-KYC

Automated Process

Process automation is the intelligent management and routing of information through a business process or workflow. Through a process management software one can build business rules to route, distribute, and store electronic documents, reports and other data. This can also be collaborated with colleagues or customers by sharing documents digitally so they can be reviewed, edited and saved.

Paperless System

eKYC has been developed as a system that minimises the use of paper based working network. It reduces the need of paper-based document management around the working community. Such action helps the State as a community to reduce aftereffects on environment such as reducing carbon foot prints. Going paperless by utilising electronic document management system helps cut down on deforestration and pollution, leaving more trees to do the dirty work of absorbing carbon dioxide and slowing down global climate change.

User Concern

Right to Privacy is a fundamental right of every Individual of our country. In order to avoid any misuse of individual’s data, the protection of the same is one of the major purposes behind the system. Every application of an individual for service or utility requires to file eKYC which moves through his own consent. This allows the sharing of data only with the approved concern after the using Aadhar or any other authentication service for verification.

Most complaint with the IT Act

These days, regulations formed by government require companies to take documented measures to maintain data confidentiality and Integrity. Paperbased systems make tracking and managing data more difficult and expensive than electronic based systems. Electronic document management systems can provide an audit trail of when documents are received or sent. This allows the concern to note and to refer the procedure followed earlier to re-refer for any future references. Built-in security prevents unauthorised access, maintaining data confidentiality.

Web based technology

Digitally captured data is more reliable and means access to better information, faster turnaround, and lower costs because pre-printed forms and mailing expenses can be eliminated. In addition, inbound data can be integrated with back-end applications, and custom forms or documents can be generated from applications automatically, eliminating manual processing.

Non-Renounciable

The whole procedure of eKYC is non-renounciable to all the gatherings included in light of the fact that it includes the utilization of validation (Aadhaar and OTP/ Biometric filter) by the client, use of advanced mark by the Service Provider (under UIDAI). It means one the Individual have accepted the service he cannot deny it.

Transparency of Transactions or Usages

Bank workers, Private organizations, unregulated sim card suppliers, and so on may here and there enjoy giving favours to known assistants, loved ones by abusing their position, eKYC empowers all records and information to be put away for all time on the web. Any abuse, unlawful addition or criminal behavior can be followed back to the individual or gatherings engaged with such exchanges or utilisation of administrations.

Regulator friendly

The KYC requests are usually audited by the ministry or regulator. The service providers provide a portal for the regulator to access and audit the same. The RBI, IRDA, PFRDA & SEBI have accepted and currently use the UIDAI’s eKYC as a valid KYC. This ensures openness in transaction and control by the hands of authority.

Speed-up approval process

Companied utilise digital signature solution to speed up approval processs for external and internal documents. Electronic documents can be signed digitally and routed for the next step quickly, reliably, and securely. This can speed up purchase requests, loan approvals, expense reports, contracts and much more.

Secure System

The same user verification service that secures the system of a company can allow for secure fraud protection. It can stop the use of stolen credit cards or add to the credibility of an institution or organisation. It shows that the organisation that has implemented such a solution actually cares for its users, customers, clients, etc. As it is usually a paid service, the scams and fraudulent organisation never spend on eKYC solutions or care about securing the way they get their income. They just care about the Money since they are going to run off in the end.

Efficient Communication

It is estimated that employees spend one-third of their time looking for paper documents. Electronic documents are easier to file and find because they can be indexed using keys like date, document type or other user-defines criteria. You can even use full-text searching, making it simple and quick to find important business documents-onpremises or in the clouds.