There are some of the most commonly asked questions about What E-KYC stands for | What is the Meaning of E-KYC | Acronyms for E-KYC | Definition of E-KYC | E-KYC meaning | E-KYC full form in different categories.
The Full Form of E-KYC: Electronically Know Your Customer
E-KYC stands for Electronically Know Your Customer. Through E-KYC, customers are able to have financial institutions verify their personal information, including name, address, date of birth, Aadhaar number, and other specifics.
New technological developments in the realms of banking, insurance, and other financial services are constantly in demand in the modern world. One of the upgrades that is available everywhere is E-KYC. It is a procedure whereby a person’s personal and financial information from their Aadhaar is verified online.
Financial institutions cannot provide services to their customers unless the information is properly determined and verified. E-KYC is a better and safer option that saves financial institutions time and money.
The evolution of E-KYC
E-KYC process was started in India in 2012 through an Aadhaar card. Since then, the e-KYC process has been used in other countries as well. It is the simplest way to make information easily accessible in a well-defined and verified manner.
The Process of E-KYC
The e-KYC process goes through various stages. Different techniques are used in each stage.
Aadhaar Card Verification
The first step in the e-KYC process is verification through an Aadhaar card. It verifies that the person has provided the correct details of his/her Aadhaar card.
Biometric Authentication
The second step is biometric authentication. This person’s fingerprint or their Authenticates with the iris of the eye. In this process, the individual has to enter his/her biometric information through the E-KYC portal. Thereafter, the individual is linked with the bank or financial institution whose services he/she wishes to use.
video kyc
This is the third stage, which takes place through video calls. In this the person has to show the photo of his passport or other identity card which verifies that the person has actually made this application.
Benefits of E-KYC
There are many benefits of the e-KYC process.
saving time
It takes only a few minutes to complete the e-KYC process. Hence, it helps a person to save time spent in his business or profession.
paper free process
The E-KYC process is completely digital. It helps in saving the environment by being a paperless process.
Security
The security of the information used in the E-KYC process is a significant advantage that comes with the E-KYC process. The information used in this process is encrypted, so that no other person or organization is able to access that information.
lack of mistakes
The e-KYC process has the maximum potential to minimize all those mistakes that lead to long delays in tragedies.
Various utilities of e-KYC
E-KYC can be used for a lot of different purposes.
E-KYC for Banking Services
The use of E-KYC is very common for banking services. A bank financial institution uses the E-KYC process for new customers. With this process, they can also ensure a certain level of security for their services.
E-KYC for Financial Institutions
Financial institutions also use the e-KYC process when they want to provide a private introduction to their services to new customers. Through this process, they can also ascertain the credibility of their investors and make their services more convenient.
E-KYC for Mobile Phones
E-KYC can also be used for mobile phones. Most mobile phone operators use the e-KYC process for their customers to make their services accessible to new customers.
Related FAQs
What does E-KYC stand for?
E-KYC stands for “Electronically Know Your Customer “.
What is the meaning of E-KYC in bank?
The meaning of E-KYC is “Electronically Know Your Customer “.
What is the full form of E-KYC?
The Full Form of E-KYC is “Electronically Know Your Customer “.
What does E-KYC mean in banking?
E-KYC means “Electronically Know Your Customer ” in the terms of banking.
What is the E-KYC Meaning?
The E-KYC means “Electronically Know Your Customer “.
What is the E-KYC Full Form
The E-KYC Full Form is “Electronically Know Your Customer“.
Now you might have got some ideas about the Meaning of E-KYC. And also the meaning, definition, abbreviation, and acronym for E-KYC in different categories.