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Digital KYC- transparency or complexity?

January 08, 2019 6263
In all the financial dealings and across the whole gambit of financial activities and enterprises, customer is the basic building block. The whole purpose of meeting the customer's expectations and of her/his satisfaction revolves around the streamlined process of identification and purposeful engagement for the benefit of the customer. This means an ideal process of KYC or "Know Your Customer". The various norms that allow for a proper KYC have clearly been mandated by the existing regulatory bodies and set rules, laws and by laws. Earlier the process of KYC involved a whole lot of paperwork and forms etc., which made the whole procedure of application and verification very extensive. However, since the digitization of commercial activities became a reality in India, the procedures involved have become very simple and hassle-free, making it a very smooth operation for both the officials involved and the general public.

Digital KYC involves online registration of the customer, the e-verification of the scanned and uploaded documents and verification of digital signature and the person's photograph. In short, the customer simply has to log in to the portal, get registered and set up an online account with an ID and a password. The remaining process involves choosing the option for the KYC, checking any updates and filing in the information. Once this is done, important documents like aadhar card, PAN card etc are scanned an uploaded. After this, the customer receives the notification for the uploading of the digital signature (if applicable). Once the process is completed a timely acknowledgement is sent to the customer's registered e-mail ID and/ or the registered mobile number.

From the above, it is clear that the whole process of digital KYC is extremely simple and transparent. In the earlier times, when no such facility was available and customers had to stand in long queues and had to undergo a lot of form-filling, attestation etc., there used to be a strong possibility of manual error and in certain cases, the whole long drawn process had to be repeated from the very beginning. This not only was a headache for the customers but also meant a ton load of work for the concerned officials who were responsible for verification. In addition to this, in cases where physical verification of the address etc. was required, it took more than a week or even fifteen days for a person's details to be verified. Given the fact that KYC is not a one-time procedure and has to be done from time to time, you can very well imagine what a complicated affair it used to be.

With the advent of digital technology and the benefits that come with it, not only has the routine KYC become a less time consuming and simple process, but it has also become more reliable and the incidence of human error has become almost nil. This has had a very beneficial impact on the core business development and consumer-centric approach has attained new heights.

HDFC Life offers various online insurance plans that are just a click away and can be checked and compared online without any intricate and elaborate paperwork. For details, click on the mentioned link: https://www.hdfclife.com/online-life-insurance-plans.

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HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.

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