In the midst of an unprecedented crisis, it is emerging that the future can never really be anything like the past. With physical movements restricted and much less desired, financial institutions must rethink ways to onboard their customers safely and securely. On 09 January 2020, the Indian financial regulator made a remarkable amendment to the […]
The move removes the need to go into a branch, invite strangers to the house, share paper copies, or wait for days for the account-opening process to be completed. Instead, the customer can, through a stroke of a video call, chat directly with a Banker, provide all the identity documents to verify who they are […]
Digital Identity Verification: By diverse means, we begin to understand the depth of the problem and its cure.
Identity verification seems like a natural casualty of the times. From a friendly application to a friendly nod from the Banker, the account opening steps have been turned on its head for a generation, maybe more. People scorn at the sound of paperwork and identity proofs, and for good reasons. World Bank’s Findex suggests that […]
‘Know Your Customer’ or ‘KYC’ – as is the popular term for identity verification – follows a citizen like a shadow, throughout life, for a range of rights and services, intricately linked to one’s progress from education to employment to healthcare and finance. Imagine the lack of education for lack of KYC; or lack of […]
What is Aadhaar masking? As per UIDAI, masking refers to covering the first eight digits of Aadhaar number – in physical or digital form. More precisely, masking refers to concealing the first 8 digits of the Aadhaar Number in your Application and the Aadhaar Card Image (captured as POI or POA). Did you know that […]
KYZO – Groundbreaking Digital KYC – Brings formidable form, shape and gravity to solving the world’s KYC crisis.
Lack of identity is an impediment for people to exercise their basic democratic and human rights. Digital identification can help overcome barriers to participation (World Bank Report, 2016). ‘Know Your Customer’ or ‘KYC’, follows a common man like a shadow for a range of rights and services. Insurance, investment, health, education, social welfare and financial […]
The Indian KYC Context. Mutual relationship between regulated businesses and their customers begins with a simple step: Know Your Customer (KYC). This process was fraught with paper work, delays, intrusive checks and excessive costs until a few years ago. Aadhaar changed this dramatically with the introduction of Aadhaar KYC which had limited but enough information to establish […]
Mutual relationship between a regulated business and their customer begins with a simple step: Know Your Customer (KYC). This process was fraught with paper work, intrusive checks and prohibitive costs to the tune of INR 150 – 175 per KYC. Aadhaar changed this dramatically with the introduction of Aadhaar eKYC in 2016 bringing down the […]
Obtaining a SIM is fairly straightforward in India, thanks largely to Aadhaar (Unique ID linked to people’s biometrics) that nearly every Indian has now. All a citizen needs to do is to provide their Aadhaar number and biometrics (fingerprint of iris) and the KYC is done electronically. Instantly. While this seems like a perfect solution, […]
Know Your Customer is essential for obtaining any services – Banking, insurance, telecoms, public services – the list goes on. In the Indian context, until Aadhaar opened up its APIs, KYC was a laborious process costing billions to services providers and inconveniencing customers a great deal with a mountain of paper identity documents. With the […]