Just a few years ago Know Your Customer (KYC) used to be an on-ground process with physical documentation.
The process has seen a few digitization ups and downs over the years. Aadhaar eKYC, when it was introduced. Aadhaar eKYC, when it was taken away. Digital KYC without clarity on its legality. Finally, Video KYC that came into being at the start of the year.
The Coronavirus pandemic and the resulting lockdown has rushed in few new trends in KYC. Here’s a quick snapshot.
- eKYC no mo': Well, Banks and Telcos were the lucky few who could still use the super-efficient Aadhaar eKYC with Biometric authentication. But the world has now become one where people aren’t too excited about putting their finger on a glass surface that has been touched by an unknown number of unknown people. Suddenly, these industries are exploring other digital and video ways of completing this important task.
- Video KYC is in: For obvious reasons in an era when the roads are empty and the homes full.
- Digital Address Checks are emerging: Address verifications aren't included in the list of Essential Services. But this requires a field executive making a physical visit. Or, does it? Address verifications can be done digitally, with better accuracy and reliability that conventional physical methods. (For more on that, you'll have to get in touch with the lady mentioned below ;-)
IDfy provides fraud detection and KYC solutions for Financial Services, Insurance, On-demand Economy, Gaming, and P2P Marketplaces.
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