What is Know Your Customer (KYC) ?
Know Your Customer (KYC)
is a process by which financial institutions (Bank), verifying and identity of the customers.
This process helps to ensure that financial institutions’ services are not misused.
The KYC procedure is to be completed by the banks and financial institutions while opening new accounts, loan and other Services.
Electronic Know Your Customer (E-KYC)
is a process of collecting and verifying a customer’s identity, without physically collecting forms.
At present, there are technologies that are used to increase the safety of the E-KYC process such as
- Demographic Name, Gender, Birthdate, place of birth
- Digital ID verification Citizen ID, Passport, Photography
- Biometric Authentication such as fingerprint , Face recognition, Sound recognition.
- Geolocation and Identity verification
Open Bank Account : KYC VS E-KYC
